As I recall, this question came up maybe six months ago. Everyone who responded, including me, said yes, the oil pressure does go up into the red under high revs. Oil pressure will be higher when the oil is cold, of course. You want to let the engine warm before pushing it too hard anyway. The consensus was that it's okay because you aren't running like that all the time. If it stayed up there all the time it might indicate a problem, perhaps a blocked oil line.