There is a general misconception that the oil pressure relief valve REGULATES the oil pressure. All it does is LIMIT the maximum pressure at the location of the relief valve. Even the Rotax manual is wrong by saying "The oil pressure from 1.5 to 5 bar (22 to 72 p.s.i.) is controlled by the pressure relief valve (8). The surplus oil returns to the oil pump rotor via the channel (9)."
The relief valve can't regulate the pressure below it's opening pressure. According to the Rotax manual that would be 5bar (the operations manual says max 7bar). Below the relief valve setting, the oil pressure is a function of volume (rpm), viscosity (oil temperature), pressure loss (filter, passages) and leakage (lube oil demand from all lube points).
I had originally a thermostat fitted with very poor plumbing (90deg brass elbow, 180deg bend in the hose) and lower-than-ideal pressure and pressure fluctuations. Removed the thermostat and re-hosed the suction lines and now have rock-steady 4bar at 5,000-5,200rpm and 80-90deg oil temp. Oil temp control is not with an adjustable blank in front of the oil cooler (25-40% of the area summer-winter).
The Rotax engine is the only engine I know of that has the oil cooler in the suction line. Any restriction will cause pump cavitation and erratic oil pressure, the relief valve is more likely a symptom rather than the cause.