A CL65 FLC PERFORMS AN INFLT ENG SHUTDOWN AND DECLARES AN EMER AFTER THE #2 ENG LOW OIL PRESSURE WARNING COMES ON FOR THE SECOND TIME 50 NM S OF MSP; MN.

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ON A FLT PLAN RTE OVER STL GOING N TO ALO; MY COPLT NOTICED THAT THE R ENG OIL PSI INDICATION WAS WILDLY FLUCTUATING IN THE MID 40 PSI RANGE (L WAS STEADY AT 61 PSI). OVER ALO VOR AT +FL280; THE R OIL PSI WAS DOWN TO MID 30 PSI RANGE. I CALLED OUR MAINT CTL AND THEY SUSPECTED THIS WAS NOT JUST AN INDICATOR PROB. AFTER ALO ON THE KASPER 2 STAR INTO MINNEAPOLIS; STILL AT FL280; THE OIL PSI DROPPED TO MID 20 PSI RANGE AND WE GOT AN AURAL WARNING AS WELL. OUR QRH WAS CONSULTED. EMER SECTION 'LOW OIL PSI;' AFTER RETARDING THE R THRUST TO IDLE; THE OIL PSI WAS BACK UP TO THE MID 30 PSI RANGE. WE ASKED FOR LOWER AND I ASKED FOR PRIORITY SEQUENCING INTO MINNEAPOLIS. OTHERWISE WE WOULD HAVE A 10 MIN HOLD AT KASPER INTXN. OVER ZIGGY INTXN WE RECEIVED ANOTHER AURAL WARNING AND THE PSI WAS AGAIN DOWN TO 25 PSI; SO WE PERFORMED AN ENG SHUTDOWN CHKLIST. DECLARED AN EMER WITH CFR STANDING BY. BRIEFED MY FLT ATTENDANT; THE PAX; CALLED MINNEAPOLIS OPS AND DISPATCH FOR NEW LNDG DATA. RAN THE SINGLE ENG APCH CHKS AND ALL OTHER CHKLISTS. WE LANDED ON RWY 30L. THE MECH SVCED THE ENG WITH 5 QUARTS OIL WITH NO SIGNS OF LEAKING AND NO SMOKING OF THE ENG DURING STARTING AND 40 MINS OF ENG RUN HAD SHUT DOWN. WE GOT A FERRY PERMIT AND FLEW BACK TO CVG.