Check the basic's......... is there water in the oil(or foaming) is ther oil in the water(radiator/res) put a oil pressure gauge at the sending unit(to check directly) and go from there. you did not mention the temp..........
Jimmy
I forgot/ check the spark plugs also/
Looses oil pressure and power?. One thing to keep in mind is, if the engine rpm drops below it's normal idle, the oil pressure will suffer. So now the question is, what other symptoms are there when the issue occurs?.