How many miles on the engine? Did you recently do a oil change? When did it start to act like this? Do you have an oil pressure gauge?
1. The oil pump could be worn out and needs to be replaced.
2. It could be you have bad oil and a simple oil change could fix the problem.
3. Oil pressure gauge is faulty and you need to replace?
I would start with an oil change to see if that works you may have worn oil or got a bad batch. If you say that the pressure is good when cold this may not be a problem with the gauge.
If it comes down to needing a oil pump S&S is one of our sponsors here you should look into their pumps as they have very high quality parts. Whenever I need parts I always look to them first. I highly recommend them their tech support is the best too. There is a review here on it.
viewtopic.php?f=86&t=1612