I had the same problem when I was tracking my 718 GT4 at Sonoma Raceway. Basically, I was running low on oil and the PSIs were deep in the red. The engine light goes on and there's a msg about engine fault, see technician and then limp mode kicks in. I think this is preventative since it recognizes the lack of oil coupled with extreme driving will shortly destroy the engine. After I topped up all the lights went away. I brought it to porsche service and they tried to recreate the light, but couldn't.I noticed my oil pressure getting up to 56 and 57 quite easily, which is just under hitting the red bar on the right.
Since I'm going to be tracking my car, it has me a little concerned. I read in another thread someones got up to 67. It seems like that would pin the gauge i my car.
From what I've read, the car can go into "Limp Mode" if something gets to extreme (such as oil pressure?) Does the car throw the CEL or some other message? It seems like it might not go over 4K rpm, which I could still get the car home and into the dealer. Does simply letting the car cool down completely take it out of Limp Mode? What's the best thing to do if something like this happens?