Oil pressure warning lamps is on? DO NOT OPERATE THE ENGINE AT ALL until you find the cause!
Disclaimer: I am not familiar with that particular bike but very familiar with the general principles involved, so there is going to be some "if ... then" in what follows. If someone else knows that bike in more detail then I'll defer to them (and by the way, it will help if you mention exactly WHICH model of Honda Shadow, because there have been many displacements and variations over the years). But in the meantime ...
First check that there is oil in the engine. Check the dipstick/sight glass. At this point it does not matter if the level is exactly correct as long as there is SOME oil in the engine.
Next check if the oil is actually pumping. There are a couple of ways to do this, and because I don't know the details of your particular bike, this is where the "if ... then" gets involved.
If your engine has a sight-glass for the oil level, then hold the bike vertically (center stand if you have one, paddock stand if not, or just get an assistant to hold it vertical in the absence of both). Check the level in the sight glass after the engine has been switched off for at least several minutes (preferably an hour or more). Now, start the engine. The oil level should start going down immediately when the engine starts. If it stays constant for more than a few seconds (don't run the engine for more than a few seconds at a time until you confirm that oil is circulating!) then you have a big problem (see discussion B below). If the oil level does go down then go to discussion A below.
If your engine has a dipstick then you can't do it that way. If it has a spin-on oil filter, or even if there is some other filter arrangement that allows a cover to be loosened in some way, place a drain pan underneath the engine and loosen the spin-on filter by roughly 1 turn (or equivalent, if it is a cartridge filter with a cover of some sort). The objective is to have the filter just clear of the engine case so that it is no longer sealed. BE CAREFUL, the next step is going to make a mess. Obviously, loosening the filter in this manner will let out whatever oil was in the filter - that's OK. After that oil has drained out then crank the engine over and see if more oil comes out. If the engine starts, shut it down the moment you find out whether oil comes out or not. Yes (oil comes out - oil is circulating) - go to step A below. No (oil does not come out) - go to step B below.
Discussion A: Oil is circulating but the pressure warning lamp is on. Possibility 1: Faulty oil pressure switch or wiring (most likely). Check with a multimeter if the wiring or switch is shorted to ground. Possibility 2: Oil pressure switch and wiring are OK but the engine has low oil pressure - particularly if the warning lamp goes off at higher engine revs.. This means that substantially more diagnosis is needed to find the cause, and the next step is to remove the oil pan to have a look inside. Could be a stuck-open relief valve ... could be a trashed oil pump ... could be a blown seal ... could be a sludged-up or clogged oil pick-up screen ... could be a clogged oil filter ... or it could be worn-out main and rod bearings, in which case you have to ask serious questions about how much the bike is worth versus what it will cost to repair.
Discussion B: Oil is not circulating. Clogged filter ... clogged or sludged-up pick-up screen ... oil pump broken internally .... broken oil pump drive (for oil pumps that are chain-driven, I've heard of those chains breaking, I have no idea if yours is chain or gear driven), etc. You need to do whatever is needed in order to get to the oil pump. A lot of bikes have it behind the clutch basket. Some are accessible through the oil pan. There are some models in which you have to split the crankcases, at which point you have to ask those serious questions again.