My oil sensor alarm went off last week.  I have oil in both oil tanks.  I replaced the oil sensor cap yesterday.... I thought I was going to have a great day on the water.  

The oil alarm sensor  went off again.  I noticed at low speeds the water gauge looked normal but when I put the motor under a load the water gauge dropped and the alarm went off again.  I have water coming out of my motor.  I 'm  just a little confused on what to do?  What should I do now?