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I think you're referring to the oil LEVEL sensor ... the one that turns on the LOW OIL message on the DIC. AC54ME is referring to the oil PRESSURE sensor.
It is located in the side of the oil pan, right rear side of engine. It is screwed into the side of the pan. If you have an automatic I believe you have to move (disconnect) the tranny oil cooler lines to get the sensor out. On a stick, should be able to disconnect wires and remove.