With no PCV valve, it is likely leaking out of the valve cover and hitting the exhaust manifold. That will give a smell like you describe. It's not the same smell as oil out the tailpipe. I would inspect it very closely, find the leak (I feel sure it has one) fix it and add a PCV valve. Also look at the oil filler cap as it has a breather element in it. If that has failed, it will be dumping oil residue on the valve cover.