Could be that the oil pickup is set too high off the bottom of the pan. Or maybe there is a plugged drain hole that is keeping oil from draining quickly back into the pan. Sounds like low oil level to me, but you said that ain't it . . .
E85 racer and E85 carb builder
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68 Camaro, E85 powered 427" small block. 9.96 @ 133 MPH, 1.319 sixty foot on motor. 5.92 eighth @ 116 with a 1.42 sixty breaking beams with back tire on the bottle