ERRATIC OIL PRESSURE INDICATIONS AND RED WARNING LIGHT PROVIDE A QUANDARY FOR CL65 CREW. AFTER CONSULTATIONS WITH COMPANY DECIDE TO PROCEED TO DEST AT REDUCED THRUST ON AFFECTED ENG.

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AT FL330 APPROX 80 NM NE OF BTR GOT RED ENG OIL WARNING ON #1 ENG. OIL PRESSURE FLUCTUATED BTWN 20-50 PSI. CAPT COMPLIED WITH QRH PROC; REDUCED PWR TO IDLE. OIL PRESSURE NOW FLUCTUATED FROM 30-45 PSI BUT REMAINED IN GREEN ARC. ADVISED ATC AND DSNDED TO FL190. AT FL190 OIL PRESSURE WAS STABLE AT 40-45 PSI; AND OIL TEMP STABLE AT APPROX 110 DEGS C (OIL TEMP NEVER OUT OF GREEN). NO OTHER WARNINGS ISSUED AFTER INITIAL PWR REDUCTION. CAPT CONFERRED WITH COMPANY MAINT AND FLT CTL WHICH TOOK A RATHER LONG TIME. ENG WAS RUNNING AND STABLE; GOOD WX; FUEL OK; AND APU AVAILABLE. DECISION MADE TO CONTINUE TO TLH (FROM OVER MOB) FOR PAX CONVENIENCE AND SINCE ENG OIL PRESSURE AND TEMP WERE STABLE AND KNOWING THAT THERE WERE SEVERAL SUITABLE LNDG ARPTS ALONG THE RTE. PERFORMED NORMAL APCH AND LNDG WITH L ENG AT IDLE IN TLH WITH OUTCOME UNEVENTFUL. CAPT; FO AND MAINT CONCERNED THAT L ENG WAS AVAILABLE IF NEEDED FOR PWR. MAINT CTL WANTED THE L ENG KEPT AT IDLE IF POSSIBLE. THE CHKLIST DID NOT CALL FOR THE ENG TO BE SHUT DOWN OR A LNDG MADE AT THE NEAREST SUITABLE ARPT. CREW AND COMPANY COORD WAS GOOD. HOWEVER; THE DECISION TO CONTINUE WAS A LONG TIME COMING (BTR-MOB). THE SIT WAS NOT PRESSING AND THERE WAS NO SENSE OF URGENCY. CAPT THOUGHT THE ONUS WAS MORE ON TROUBLESHOOTING THAN PLANNING. SINCE MAINT WANTED THE ENG LEFT AT IDLE; IN RETROSPECT; I THINK THE MORE CONSERVATIVE AND APPROPRIATE DECISION WOULD HAVE BEEN TO LAND AT THE NEAREST SUITABLE ARPT.