The sensor is located in the bottom of the oil tank (two wires hanging out of the bottom) - it's a simple resistance sensor.
It's paired with a magnetic float inside the oil tank.
When the oil level gets down far enough, the magnet gets close enough to pull itself down and stick to the sensor completing the circuit (the sensor has power going to it that then feeds power to the alarm module and ultimately the horn - when you have "enough" oil in the tank the sensor (switch) is "off", when the oil is low, the magnet effectively turns the switch "on" - power gets fed to the horn and "beeeeeeep".
The alarm module is likewise connected to the temp sensor in the block. It's also a resistance sensor - when it gets "hot" the circuit closes and sends power to the alarm module and you likewise get a "beeeeeeep".
So are you asking about the "oil sensor" or the "alarm module"? - there is no oil level "module"...