Small Engines (Lawn Mowers, etc.): 5.5 hp tecumsec ohv, starter cord, plug hole

Question
i have oil coming from the carb and exhaust what is the problem

Answer
Is the oil level too full and does the oil smell like gasoline?  Remove the spark plug and pull the starter cord to spin the engine.  Does any thing, like liquid, squirt out the spark plug hole?

Service manual link:
http://www.smallenginesuppliers.com/html/engine-specs/tecumseh/Tecumseh_4-Cycle_

Eric