That tractor could have an transmission oil temperature light that comes on when the trans oil temps reached 235 degrees. The switch is located in the hydraulic pump cover.
ALSO
That tractor has an low pressure circuit transmission oil pressure warning switch that operators when the transmission oil pressure drops below127 lbs. This switch is in the dual power line at upper right edge of transmission housing.
(taken out of IT manual covering several models)
So.. I'm guessing the gear/droplet is a transmission related warning on one of the two systems check wiring to sender units for shorts grounds etc... the temp switch only grounds in over heat, the pressure switch grounds when low pressure..
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