Also depends on how low the oil actually was. Did you check it when the car was cold? If you checked it after the car had been started and run, even for a short while, there would have been oil up around the engine. Also it might have been just below the dipstick, you have no way of knowing.
The oil light lights based on oil pressure, not oil level. So if the pressure was still OK, but the level was a bit low, then no problem. If the level kept dropping, it would eventually not have enough to maintain oil pressure, and hence the light would light. Normally at that stage, the damage would already have been done.
Does the light light when you turn on the ignition, before starting the car? It should, as it is a check to see that the bulb is working.