Lunt has not played since the Louisiana-Lafayette game on Sept. 15, when he was injured in the first quarter.
"He is day-to-day," Gundy said Monday at his weekly press conference. "(He's) out there with us, but day-to-day." Gundy went on to say that both quarterbacks would get equal practice time and a starter will likely be named by Thursday.
The Cowboys take on Iowa State on Saturday at 11 a.m. in Stillwater. It is OSU's homecoming weekend.
Here is a look at what else Gundy had to say on Monday: