as long as the oil light goes out when the car is started you should have no issues. just be sure to have oil at proper levels at all times. i dont know about the other wire but will take a look under the hood and see what it may be.
OK, sounds like you are referring to the oil level sender.
On a 92 9000 that is located on the front lower left of the engine block, just below where the oil filter mounts. It has a 2 wire connector.
You should be fine if it is not connected, just as long you have no major oil leaks or are low on oil. This sender makes the oil level low message appear on the dash EDU display, if the oil level gets too low.
The oil pressure sender is located on the center of the rear side of the block (the side that's up against the false bulkhead.
You can ignore the oil level sender. It is for those who do not pull the dip stick to check the engine oil level. Plus it leaks. That I think is the reason why SAAB got rid of it after 1994. But for people who do not check oil level periodically it could be disastrous.
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