HELP!!! 82 300SD Oil Pressure

I need some help in a bad way. I have a 300SD and the oil pressure gage is doing strange things. Once the car warms up and I am under power, say more that 1500 rpms the oil pressure gage will just drop to zero. If I let off the throttle and slow the car down the gage then will immediately peg to 3 then come down to between 1 1/2 and 2 at idle like it should. I only have this problem once the car warms up and when the gage drops from 3 to zero it is like someone just flips a switch and then also the gage will just jump around sometimes. My question is do I have the oil pressure sender failing or is my oil pump failing? I was thinking it was the oil pressure sender since the issue only seems to appear once the engine is warm and then under power. It seems to me that the oil pressure sender starts giving incorrect readings once it is warm and is sensing over a certain pressure. Has anyone ever had the oil pressure sender fail or is this an uncommon thing. Thanks

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