Are you sure its a vacuum gauge and not pressure? That when the engine is running it has hydraulic pressure there, and if you lost all fluid (from a hose blowing), or it stopped pumping oil (pump out) it would illuminate the light.
Its also possible that it is a plugged filter indicator, that if the filter is providing too much restriction, either from the oil being too cold, or the filter plugged, it would make a light come on.
The switch actually looks like a air pressure switch that is used on air brake system treadle valves. When the pressure is too low, the light or the buzzer comes on in the cab of the semi tractor. They get activated at different pressure's. That's what that switch looks like to me.