This light tells you that the engine or transmission needs attention. It's not going to blow up if you keep driving it for a little while, if it's still running (red lights, like oil pressure, mean to stop RIGHT NOW).
Just changing the oil is probably not going to make the light go out. The light was turned on by the engine's computer, and indicates that the computer got a bad reading from one (or more) sensors located throughout the engine and transmission. Most auto parts stores can hook up a code reader to your car and read the trouble code stored by your computer. The trouble code indicates what system is not working properly and that may tell you what to replace to fix it. Or it may require more in-depth testing to determine the exact problem.
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