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Which side is your oil dipstick on? Mine did this last week on the passenger side the PCV hose collapsed and was shooting oil out of the dipstick on to the exhaust!
More likely your valve cover gaskets leaking, they are 27 years old!
Driver side....L98..
Oil pressure sender T fitting leaking. .
What he is trying to say is check the oil pressure switches located behind / under the distributor for leaks
When they leak oil runs down drv side of the block
I get oil coming up around one of my valve cover studs and running down the plug wires and then dripping on the exhaust manifold. This is an early '86 with the cast iron heads and the perimeter valve cover studs.
Very frustrating, as I've replaced the gaskets twice with the fancy Fel-Pro gaskets with the metal reinforcement in them and it's still leaking.