Help, just bought this car, and after 40ks the temp is hot and the oil light goes on...what is this?

What does the symbol look like cuz i'm quite sure you are seeing the COOLANT light and not the oil light (many people get confused about this). I cannot recall what can cause the temp to rise and the light to STAY on, but there's a few things, i'll leave that to the regulars. If it flashes, the level is low and it doesn't take much to make it flash.