Normally the sender is a pressure switch that makes the ground to illuminate the light in absence of pressure. That's why after an oil change if you put the filter on dry it will take 10 or 15 seconds for the light to go out on first startup. If the oil is really low and you exceed a certain angle you could momentarily uncover the pickup tube and suck air for a second; that shouldn't happen as it generally means the oil is so low it doesn't show on the stick.
A loose connection is unlikely as the light requires a complete circuit to come on; a fault in the wire before the sensor going to ground could cause it to come on, as that would bypass it completely. That seems unlikely in your case as it should happen more than once if a wire is compromised to that degree.
I had a Ford 390 once with main bearings so worn that the oil light would flicker at idle when warm, but that was consistent and identifiable.
Not knowing the circumstances makes it harder to offer a guess; was it at idle or at pto speed? Was it stationary, or bouncing around? Chances are it was a one-off glitch. For peace of mind, you could get a mechanical gauge and put it in temporarily to see what the actual numbers are. If you do, be careful as Kubota used BSP pipe fittings on some of their senders, they are close to 1/8 NPT but different enough to bugger threads up and cause leaks.