Pull the wire off the sending unit and start the truck.. If it still pegs you have a bad wire (short to ground) or a bad gauge.
Actually, now that I think about it.. the 1995 still has the analog idiot light with the 20 ohm resister. That means when the sending unit sees 5psi it grounds the wire (for lack of a better term). The gauge has a 20 ohm resistor in the back of it that makes the gauge stop at 'around' the center of the travel.
I'd check the gauge itself and if you can solder, I'd verify the 20 ohm resistor is bad, then short that resistor (put a wire across it) and replace that factory analog idiot light sending unit with one off a late 70's ford. Now your gauge will move with the oil pressure instead of just showing around the middle all the time.
~Mark