It may depend upon what has happened with the sled up to this point. We have had sleds that were started multiple times and not run for long each time that would build up oil in the exhaust pipe and would need some time to heat up and burn out.
With that said, we have also had a bad oil pump. They are very reliable, but fairly delicate at the same time. The barrel of the pump has a very tight tolerance within the pump cylinder and is coated with a thin slippery coating. If grit gets into the pump, or if the pump is run dry it is very easy to damage the coating. This damage will result in excess oil entering the engine. If I get a chance I will post a few photos.
If it is the pump, the only thing that I know to do is swap in a replacement. If you attempt to disassemble the old pump or a replacement pump, be sure to remove the input shaft before attempting to remove the pump barrel otherwise the worm gear on the input shaft will score the coating of the barrel as it comes out.