This is a guess: you have a failed camshaft seal.
Here's what happens - with age (and regular oil that doesn't meet European extended drain interval specifications...see my oil rant here: http://www.volvoxc.com/forums/showth...19629-Oil-Rant) the PCV system gets plugged up. When it gets plugged up, the pressure inside the crankcase, particularly under boost, increases, and the weakest seal fails...
Often, it's one of the camshaft seals. So, now that seal has failed, and oil is "gushing"...though I am not sure what "gushing" means...
The fix is to: 1. replace all of the PCV parts and 2. replace that seal. The timing belt has to come off to replace the seal, so it won't be cheap...and I would replace the timing belt, idler and tensioner when you do take the belt off...oil soaking that rubber belt hasn't done it any favors...
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