Overheating oil

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Help! Hello - my 1991 Applause is having an overheating problem with the oil. It is getting hot and the oil light is coming on. There is smoke coming off the dipstick, which is really hot itself. The oil pickup and sump has been cleaned and the oil changed - it is still doing it. The oil light flashes ... thanks if anyone can assist - no one here seems to know. (Do they call them Applauses in the UK - I am in Australia.)
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