Oil in the #2, compression is ~150 across all 4 cylinders. Other cylinders are dry.
Trying to remember if it blew oil in a puff or was constant, but usually around 2500 is when it would start.
It's been sitting a bit, valve cover and intake stuff is all disconnected, I suppose I could put it all together and fire it up.
Trying to think of most likely source of oil before yanking more stuff apart.
Ford zetec motor.
Generally speaking, smoking on deceleration is valve stem seals, smoking on acceleration is more likely the oil control rings (doesn't necessarily affect compression). The last few motors I've taken apart have had the oil control rings gunked up with oil and carbon and stuck in the groove. It's possible (but not likely) that you could have oil leaking across the head gasket, but it would be more likely to blow combustion products into the oil passage than the other way around, due to pressure differences.
By "oil in the cylinder" you mean it's wet, or you have a gray carbon buildup? Is this a running engine in a car, or one that's been sitting for a while?