Also worth thinking about what happens once you do land in the paddock. This is one of the areas where pilot maintenance might be in order, given appropriate familiarisation beforehand.
The chip lights I've had have generally been reacted to as follows:
1. Land in nearest suitable area (eg the golf course or paddock).
2. Maintainers undo the plug and inspect for chips.
3. Flush the debris from the plug into a spew bag or other suitable container to keep for later inspection.
4. Replenish the oil that was lost when you were inspecting.
5. 20 minute ground run.
6. If the light doesn't come back on, fly back to base for further inspection.
Most times you're on your way quickly anyway, so it doesn't seem such a big deal to land and have a look if you've been instructed in what to look for, not a bad option if you're halfway across the Nullarbor or whatever. Depending where you fly, different kinds of pilot maintenance are allowed; chip plugs don't seem to be mentioned specifically in our regulations for approved pilot maintenance items, but they do say pilots can change oil filters, replenish oil, change spark plugs and so on, so it's not too much of a leap of imagination to think that removing, inspecting and replacing a chip plug would be beyond the humble driver, particularly if you can get in touch with an engineer for some guidance.