Ford Repair: Car jerks when coming to a stop, check oil, oil light

Question
Hi- I have a 2004 Taurus with 289,000 (Yes, that number is correct) mostly highway miles. Recently, when coming to a stop/idle my "check oil" light came on and I could smell what I thought to be burning oil. As soon as I let off the brake, or accelerate the light goes back off. I checked the oil about 5 different times- the levels were fine. Within the last week or so I have had an oil change, but my car lurches forward once or twice when coming to a complete stop. I can alleviate some of the jerk by letting up on the brake, but I'm a little more concerned and not sure if the two maybe related. Also, while in a parking lot, not on a hill, my car revved at 1000 rpm for at least 20 seconds maybe longer had I not pressed the brakes to park...

Transmission fluid it pink and at a good level. Could it be time to retire old reliable? Thank you!

Answer
unfortunatley, yes.. the oil light is coming on at a stop due to lack of oil pressure. when you accel. it shoots the oil pressure just high enough to tunr light off, problem is- ti's gonna get worse quick... wish i had better news but yup, time to trade her in