If this started suddenly, the oil could be overfilled, as in gas contaminated if the fuel was left on and the carb flooded. Also running rich and cold coolant, (no or open thermostat) will cause the oil level to rise.
If the oil level is good, take a look at the plugs. If they are oily and trying to foul, it's likely oil smoke. If one plug is clean, the coolant is disappearing, overheating, misfiring, it could be a head gasket.
Have you had the valve cover off lately? If the engine is heavily sludged, the top end may be pooling oil. But it would have to be extremely clogged because very little oil comes up to the rockers. If it is that clogged the engine is due for a rebuild.
That engine uses replaceable wet liner/piston assemblies. They just sit in the block, so it's an easy rebuild.
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Today's Featured Article - Identifying Tractor Smells - by Curtis Von Fange. We are continuing our series on learning to talk the language of our tractor. Since we can’t actually talk to our tractors, though some of the older sect of farmers might disagree, we use our five physical senses to observe and construe what our iron age friends are trying to tell us. We have already talked about some of the colors the unit might leave as clues to its well-being. Now we are going to use our noses to diagnose particular smells. ELECTRICAL SMELLS
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