I agree with the aftermarket guage. I would suspect that the sending unit is taking a dump. If you put the aftermarket guage on and it still does it then the next thing would be the oil pump going bad. If its not the oil puimp then well you know, bearings. I wouldnt think it bearings because 115,000 miles is just breaking in on a 5.0.  Ive got 175,000 on mine and still kicking.
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91 LX COUPE, 3.73 gears, 2 1/2 inch H-Pipe, 1 5/8 MAC long tube headers, 73 MM C&L MAF, 70 MM MAC TB, LUNATI cam,1.7 TFS Rockers, TFS Track Heat heads, TFS Track Heat intake, T5 with PRO 5.0 shifter, Griffin aluminum radiator, Fluid Damper, SSM traction bars, 190 GPH in tank fuel pump. And more to come.
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