I have a '99 Ranger 2.5 auto and when it is started cold the o/p guage don't register and the "check guage" light stays on for about 1-2 minutes, then the guage registers and the light goes out,but it don't make any bad noises.Any ideas?

Run a lighter oil weight.

Would it be a good idea to run oil lighter than 5W30?

It would be better than spinning a bearing.

I wouldn't put a lighter oil in it than 5w30. There's probably something wrong with the oil sending unit and it's tripping the light. If you had no oil pressure for 2 minutes, you wouldn't be asking this question right now, because you would know the answer.

Ya id let her warm up a bit so some oil can get through the unit.