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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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