Its reporting oilpresure stop engin

SOURCE: a8 4.2 v8 engine overheating

run it and let it get hot (not to the point of overheating just let it warm up to normal or slightly above normal).  put your hand near the upper radiator hose, if you feel not heat, touch it, be careful as it may be hot.  if it is not hot at all but the engine is warmed up it is the thermostat, the thermostat is located where the upper radiator hose connects to the motor, usually a 2bolt metal fitting, if this is the case just replace the thermostat.

SOURCE: oil engine is flashing 5 times after starting the engine

change the sensor...however, I bet you are using very thin oil or you oil pump is going bad.  Have the oil pressure tested. 

SOURCE: Engine smells like rubber burning

Generally that smell is caused by an oil leak that is getting on either the exhaust pipe or manifold (doesn't take much to smell). As far as bottle getting low, I've got a 93 that never stays full but only needs coolant in the radiator about once every two months. Been like that for two or three years and has never overheated. I'm sure there is a small leak somewhere, but I'm not driving myself crazy looking for it. Check all hose connections, and look on the ground after being parked overnight...If it's leaking, something will show up. But if the radiator is staying full, just check it when checking oil level.

SOURCE: Oil pressure gauge

the solutionit is the oil pump sensor (if gage goes up and down and gage light blinks).

SOURCE: engine oil light comes on at idle, oil level ok

Increasing the weight of the oil by a shade will get rid of the problem, and adding a high-zinc motor oil will eliminate any possibility of sludge in the pan (with proper oil changes). However, as mentioned before, it is a band-aid fix. It will work indefinitely, if you are diligent with changing your oil every 3000 miles. Use 3.8 quarts of Rotella T 15w-40, add one quart of Lucas oil stabilizer, and use a WIX filter with an anti-drainback valve (which isn't really necessary since the filter hangs upside-down on a 2.7, but it's a good habit to use one on everything you drive). Do not use a Fram filter, Valvoline oil, or STP... or anything else. The three I mentioned above are the only ones to use, and DO NOT USE SYNTHETIC OIL/ADDITIVES. I bought a 2004 Intrepid for the whopping sum of $250 that had the oil light/idle/low RPM issue because the owner was told by Sternberg Chrysler Center in Jasper, Indiana that the engine was going to grenade in short order. He wasn't going to pay them in excess of $2000 to replace the engine. I've put tons of miles on it since, and absolutely NO sign of the light, even now with the 2/1 Oxygen Sensor bad (which lowers the idle down to 600 instead of 750-800 where it should be). I'd trust the car cross-country. It's an expensive oil change at around $40 instead of $20 with cheap components, but what's saving your engine worth to you? A heck of a lot, I'd hope!