Brief explanation of how engine oil pressure is regulated
All of this assumes everything is operating as it should.
1. When engine is cold and the oil is still thick:
Spring-loaded regulator (relief valve) attempts to bring pressure down to regulator's set point. If oil is very heavy, regulator cannot divert enough oil back to the pan, and oil pressure may be very high.
2. When oil is somewhat warmed up, and its viscosity is in the "normal" range:
Over ~3000 RPM, regulator should control oil pressure close to regulator set point.
3. When oil is hot, and pressure is below regulator set point (normal operating condition for a racecar):
Pressure is controlled by oil pump capacity, engine clearances, and oil viscosity. At speed (4000 RPM and up), oil pressure should be over 30 psi. At idle, oil pressure may be below 10 psi, depending on oil viscosity, oil-pump capacity, and clearances. That is also normal.