Here is a forum talking about it.
http://www.kymcoforum.com/index.php?topic=4005.0
SOURCE: Oil/service light how to reset. @
Try dissconnecting the Negative Terminal on the Battery. Leave off for a minute or so, should reset it.
SOURCE: How to reset the oil/service light on Kymco 500
There's a button covered with rubber on the left side of the dashboard. Using a thin stick, push this firmly and hold (while the bike is running) for about 1 minute. Fixed.
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