Ben, Regardless of the PSI reading, you are "pumping oil" out the cylinder and into the exhaust. It is possible that that same oil actually increases the PSI reading (deceptively) allowing you to believe it is better than it actually is (would be) dry, and your rings are REALLY bad........
However, fuel in the oil sump (unburnt by-pass or leaked in through bad petcock/ bad needle and seats, or bad float levels) can raise the oil level to the point this symptom can occur...... SMELL THE OIL.... IF there's ANY gas smell, don't run the engine... Find out how the fuel is getting in, and fix it , then change oil.....
Let us know.....
However, fuel in the oil sump (unburnt by-pass or leaked in through bad petcock/ bad needle and seats, or bad float levels) can raise the oil level to the point this symptom can occur...... SMELL THE OIL.... IF there's ANY gas smell, don't run the engine... Find out how the fuel is getting in, and fix it , then change oil.....
Let us know.....