Peugeot 207 - 07 1.4 Oil consumption and mayonnaise on filler ca - Bromptonaut
Is the 'low oil light' the electric dipstick, used in several PSA cars, which shows an oil level on start up? If so they're easily mislead, particularly by parking on a gradient. Needs to check it properly and top up though.
Then, as already advised get it down to garage and get a proper diagnosis for the cool running.