Oil level too high, dipstick not sealing, gunked-up breather. The crankcase "breather" is actually a one-way valve that restricts airflow from going into the crankcase, resulting in a vacuum that helps control oil, among other things. Check that your breather (the rectangular thing bolted to the side of the engine over the valve springs (assuming a flathead)) is clean, that there is no more than a .045 (iirc) gap between the flapper valve and its seat, and that the two little vent holes along the top / side are clear. Also the rubber hose from the breather to the air filter, make sure it's good and clear.