Receptor for the lysosphingolipid sphingosine 1-phosphate (S1P). S1P is a bioactive lysophospholipid that elicits diverse physiological effect on most types of cells and tissues. Is coupled to both the G(i/0)alpha and G(12) subclass of heteromeric G-proteins (By similarity). S1P activation on oligodendroglial cells modulates two distinct functional pathways mediating either process retraction or cell survival. S1P activation on O4-positive pre-oligodendrocytes induces process retraction via a Rho kinase/collapsin response-mediated protein signaling pathway. The S1P-induced survival of mature oligodendrocytes is mediated through a pertussis toxin-sensitive, Akt-dependent pathway. S1P activation on oligodendroglial cells modulates two distinct functional pathways mediating either process retraction or cell survival. These effects depend on the developmental stage of the cell. Expressed in spleen and brain. In the CNS expression is restricted to oligodendrocytes. Expressed in 7-day and 17-day embryos, but not in 11-day and 15-day embryos, implying its role in mammalian development. In oligodendrocytes, expressed throughout development from the immature stages to the mature myelin-froming cell. Belongs to the G-protein coupled receptor 1 family.