Could be the head gasket, could be the O-rings at the bottom of the sleeves, could be a cracked head or block.
Take the oil pan off and fill the cooling system with water. Let it sit for a day or two and look up at the bottom of the sleeves. If there is water dripping out around the sleeves, it needs new O-rings. Some radiator stop-leak may help it, or may not. May be a good time for sleeves, rings and pistons too?
If there is no water leaking from the sleeves, I'd try a head gasket. While the head is off, check the head and the deck of the block for cracks. If they look OK, you may get lucky. Head gasket is the easiest/cheapest to fix.
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