I think it is a little simplistic to say that loss of oil will lead to a chip light as a normal consequence. If you lose all your MGB oil and continue to fly to the point you start getting chip lights, you probably have gone past the PNR and won't have much time thereafter to dwell on the topic; the MGB is now in it's final death throes! On the other hand, it is quite common to get chip lights with no other associated indications and, as long as there are no further indications, generally FLM advice is to land as soon as possible (as opposed to immediately).