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Does this happen all the time or just after a high speed run. Oil pressure after a high speed run will be low until oil temp drops and brings back your pressure. Hence good to bring the throttle down slow.
If not. Locate your oil sender unit. Located on various spots on diffentent model engine. Very small screws in with 1/8" pipe thread. This just for your gauge. The alarm is probably generated from a factory set pressure switch which may me right next to sender. Also very small, will fit in the palm of your hand. Since your pressure seems to stay at 40....This pressure switch may be going bad or the wires going to it are corroded or both.
Hope you find it, Jon
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