turn the car on, and drive it around under 4k rpms for a little bit.. see if it clears it. do NOT attempt to hit vtec.
when you get back home, remove neg bat terminal, turn on lights, turn off lights (drains the system of any left over current) and put the negative batter back on.
turn key to "on" position, and see if the light goes away.
if it does, go out again, and this time attempt the hit vtec.
if, at 4800 rpms, or whatever ecu you have says its vtec time, and it fails- its NOT the sensor nor the wiring- it means its not getting enough oil pressure.
go home. turn the car off.
check your oil level, your filter, hell, change both.
then repeat the above again.
if you still have the same problem, you might have a problem with your oil pump or bearing clearences