Ok, my starter went out a couple of days ago. I thought the beeps were for this issue. So I went ahead and replaced the starter on Saturday. The issue was fixed and still the beeping exists. I went ahead and did this procedure, hoping it will take care of the problem. But this only works for one cycle.
Here is the procedure.
To reset the Engine Oil Life System, do the following:
Turn the ignition key to RUN with the engine off.
Fully press and release the accelerator pedal three times within five seconds.
If the OIL LIFE RESET message displays for 10 seconds, the system is resetting.
Turn the ignition key to LOCK. If the CHANGE ENGINE OIL message comes back on when you start your vehicle, the engine oil life system has not reset. Repeat the procedure. If it still does not reset, see your dealer for service.