I had this problem about a month ago so I checked the oil,the only thing was the oil was so clean i couldn't really see the level on the stik,so for safetys sake i chucked in bout half a pint.On the following monday i was going to work having a bit of a dabble with my mate in his Celica,next thing at around 70 to 80 in 3rd it felt like i hit the rev limiter ,when i looked at the revs they were at 5000,way below limiter, then i looked in my mirror and all i could see was? a huge cloud of white smoke, the whole carriageway was fogged out.When i got home that nite i realised there was too much oil in the car so i drained about 3/4pint out.It doesn,t blow smoke anymore but the oli light symptom remains.praps i should drain a bit more ??