07 115 4 Stroke, 1 beep when over 5000 rpm

[BobbyC]

When running my motor below 5000 rpms it runs fine all day long. When I try & get over 5000rpms i get 1 beep & oil & rev light comes on for a bit until I let off the throttle. Idle for a second & its back to normal until i run up over 5000rpms again. The oil on the dip stick is marking a little over the full mark. Can this cause the condition I have?

Thanks