@Ragman,
Hello Community,
You did the right thing by turning it off. When you say constant beeping sound, do you mean it is a series of beeps that is constant and not turning off. The different sounds mean different things for diagnostic purposes. Continuous tone is either temperature sensor or a short in the system, (wiring), the O2 sensor, or the oil module. Beeping is the oil alert. Perhaps a faulty input signal, a faulty oil alert module, or a true alarm because it is either low on oil or the pump is not turning. So yes, low oil could cause the alarm to go off. Before you run it one more second, you may want to top off your low oil, then to be safe mix oil with your fuel at 50:1. If it's not oiling, you will save your power head. If it is oiling, you will gum up a spark plug after awhile maybe. Wait, you said it was 2-stroke scratch that thought.
Best Regards,
John Hassen