The oil light on these cars is oil pressure..not necessarily indicating low oil level. Pickup tubes, oil pump, faulty sensor...several possibilities. I'd bet you overfilled and you're pooling oil in the cylinders and leaking out the rear main. I'd recommend drain and refill to start, but there may be lasting damage done..not considering what caused the oil light to trigger to begin with.
Blowing oil and smoking out tailpipe - SOLVED!
I recently bought an 04 forester xs head gasket & timing belt done 10,000 miles ago(verified)...first start this morning I noticed a puff of smoke out of the exhaust..drove 3 miles lost power and started smoking terrible..made it the 3 miles back home losing oil all the way..when I checked the dip stick an hr later it read overfull any ideas on what could have happened..car starts up no problem but blows smoke out the tailpipe
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