If this is on start up and gets better as the engine warms up- valve stem seals. Ive fixed this on 3 separate gm vehicles with the LO5 without pulling the motor. Little bit of oil runs down the valve stem while the truck is parked, and burns off when you start it. go get the tool that connects to the air compressor and threads into your spark plug hole, and also a good spring compressor. seals are cheap. takes most of the day to spin the motor going from TDC on each cylinder pulling and replacing. be careful not to drop a valve into cylinder with a piston thats
@bdc. that would suck... with the piston up, probably wouldn't loose it, but Ive not had a problem when using the air tool- keeps the cylinder pressurized, and the valves stay in place really well.
if burning oil while running, PCV valve is easy to check. other than that, compression check and the usual stuff- make sure there's no water in the oil and vice versa?
Ive had a few of the EGR intake manifold passages blocked with oil and carbon, but that was probably a result of the oil burning, not a cause