The water pump has nothing to do with your oil light coming on, if it just recently failed. However if you were driving for a long time and topping the coolant, then it could have a lot to do with the leaking water pump and the engine internals could be worn out enough for the oil light to come on (water and oil is not good lubricant for the engine).
Regarding the 507.00 oil in your 2005 T5, it is a wrong specs oil for that engine/year and it will cause the excessive valve train wear. Usually the engines that were using wrong oil are much noisier.
You need to take it to VW independent or VW dealer to diagnose it properly. I suggest Camden GTI contact Golf Loon in the forum.
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