2.4 V6 oil and warning light issue.

Hi there, I've had my 99 (Facelift) Audi A4 for a couple of weeks now. It's an SE on 138k.

Okay, so yesterday I started to notice a burning oil smell when I pulled up to work. After checking my oil, I saw it was on the bottom of the dip stick.

Today, at lunch time (Before I topped it up) I quickly drove to the shops. As I accelorated (not too hard) from a junction a huge ! came on the middle dash computer screen, then went as soon as I lifted off. So I thought "Ah, me thinks it's telling me I have f**k all oil, that'll be the pickup sensor". So I topped her up with some 10-40w Part synth.

So as I get in my car to drive home, I start the engine and the huge ! is back. This time, it will NOT go away. When I got home, I parked it on the drive and opened the bonnet. To be greeted with a load of steam/smoke and a strong smell of burning oil. I jacked the car up and saw that the sub frame looked freshly damp (Probably oil). Where could it be leaking from? It's down the back of the engine so I can't see s**t! The oil level hasn't dropped on the dipstick though, so I'm not sure what the ! is all about. Ever since I've had the car the service indicator has been on so I'm wondering if it's just bored and now shouting at me for it.

So, what do you think? I'm throwing a load of money at it on pay day anyway so what should I be checking? Thanks for your help.

Picture of warning message:

Warning light by Jason.Easton, on Flickr

double.

another accidental **** up.

Thank you very much for the suggestions! I shall start having a poke around tomorrow.

Okay, so here's what I've discovered.

The light WAS because I was low on brake fluid, in fact, I left it a day and it emptied. It appears to be leaking from the rear passenger side. I've had a look, and where the brake line enters the caliper, it looks as if it's leaking from there. Is there a gasket where it joins? If I follow the brake line it seems to enter a block, which then is bolted to the caliper? It's leaking between this block type thing and the caliper.

As for the oil, it is leaking from the rear of the cam cover (Gasket is leaking, apparently common?) so that's not too bad.

Thanks again for the help, and sorry if I sound confusing.