89 240sx ka24e problem..

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89 240sx single cam..the car has white smoke coming out of the muffler. took out the spark plugs and found oil on the holes and on the spark plugs. the car cant red line it can rev all the way but the power cuts off.. when driving the 40 around normal its good just cant rev high cause it would cut the power. it usally when u step the pedal all the way down..

do u guys think this could be the timming? or let me know what you guys think thanks.