Chevrolet Customer Service

Welcome to the forum, Daddyo!

We’re sorry to hear that you’ve been experiencing this oil pressure concern in your Suburban. We’d be happy to collaborate with your preferred Chevrolet dealership for a diagnosis to see what repair options are available. If interested, please send us a private message with your VIN, full contact information and preferred dealer.

Helen
Chevrolet Customer Care

JPTL

Daddyo, give Califokie's post (#17) a close read. I've highlighted the pertinent info. in bold in his quote below. He gives his "two cents" but his advice is worth a million, because it's spot on.
Although a failed sensor is possible, the condition that Califokie describes is much more common and more likely in your case.
He mentions the proper fix which involves removing the sensor and physically cleaning the screen and clearing the debris/sludge buildup..

..but there's a less involved method that will work with some patience:

1. 100 miles before your next oil change, add a quart of Risolene Engine Treatment to the crankcase. You can use Seafoam, or a similar product designed to dissolve sludge. 100 miles is enough to allow the product to make it to the sensor filter and start to dissolve the sludge in the screen. Even though products like Risolene and Seafoam claim that it's okay to keep in the crankcase between oil changes, I tend to doubt that claim. Any product that is solvent based will reduce the viscosity of your oil and reduce its lubricating qualities. I therefore suggest adding the treatment, letting it work in the crankcase for 100 miles or so, then changing the oil and filter
2. Let me guess: you're running conventional oil - or the previous owner ran conventional oil. Change your oil to synthetic - or at least synthetic blend. Besides having better lubricating qualities, and less viscosity breakdown over conventional oil, synthetic doesn't leave residue. It runs much cleaner than conventional, and therefore leaves less deposits.
3. Change your oil at least every 5k miles as opposed to the extended change intervals that the computer calculates. Once you have two or three changes with synthetic under your belt, you can use the computer to determine the change intervals (somewhere in the range of 7k miles).

If you do the three steps that I listed above at each oil change, your sensor screen will gradually become cleaner and less sludgy - and you will likely stop experiencing the 'low oil pressure' symptom.
Also use a quality filter like the AC Delco for good measure. Some cheaper filters have been known to collapse and restrict the flow.