Good reply from My427Stang already.
I have diagnosed the wrong PCV valve many times.....remember the auto part stores have gone as universal as possible so the "right" part may well not be so right these days.
Anyway, if your rocker area is being flooded with oil (FE's are well known for this when the oil system is not properly modified), and you are running valve covers that do not have oil splash baffles (or some kind of baffle) and you are running the wrong PCV valve (the weight of the plunger determines the vacuum level when it opens and closes) you could easily be sucking in oil on deceleration because the vacuum is very high at that time, often in the 25+ In/Hg.
Like already mentioned, check your spark plugs to help narrow down the issue.
If all plugs have oil burning signs, the oil is being distributed among all the cylinders...Like a PCV feeding the intake manifold.
If only one bank of plugs has oil it is likely isolated to that side of the engine.
If one plug has oil signs it is likely happening in that cylinder.