Try our re-instated info resource - "Aladdin's Cave" (Main menu)- sorry it's taken so long to fix
Identify your CB550F by frame- and enginenumber to find out which exact model it is and which 'area code' it has. Then consult the appropiate wiring diagram for your specific model, which you'll find in the addenda of the Shop Manual CB500-550.
I think it connects to a brown/white wire
It's possible it's hiding in plain sight but lost amongst all the rest.
Odd one that. The sensor acts as the earth on that system so why is it smoking? It may be an internal fault on the switch itself. Try removing the blue/red wire and holding it against the engine, that should light the oil pressure light up. If it does and there is no smoking the fault is in the switch.