i would change the brakes. and since the pads are low your piston has to extent further thus reducing the fluid level in the reservoir causing the light. It could also be a pressure differential switch witch would mean to different pressures between the front of the master cyl and the back most likely indicating a leak.
check your pads. I had one of my rear calipers hang up on me and wear right through one of my pads on that caliper. when the piston on the caliper comes out too far, it uses more fluid than normal and will cause the light to come on under moderate to severe braking.
Low fluid most likely. Over time your diminishing pads need more fluid to press them. If your pads are gone, usually they have a rivet or something that makes them "squeel" to let you know.