Many flight manuals will have this put down as a "land as soon as possible" which means do not overfly a suitable area.
The more prevalent one is the "MGB Oil pressure" which, in most (if not all) flight manuals is a "land immediately".
That being said, as Thomas Coupling mentioned, this is why we are paid the big bucks
- to make these decisions.
Loss of oil pressure will invariably lead to the chip light.
(End of lesson)
I think Big Mike has got the bull by the horns in his summary. Good decision!
And please. Don't anyone bring up the old saying - "What if it is an electrical fault that just happens to bring the light on?"