There is one place you need to check ASAP! Since these cars have such a huge problem with valve cover seals leaking into the spark plug wells, that is one place that seems obvious. Now, as long as the spark plug is tight, it shouldn't be leaking into the combustion chamber. But these are aluminum heads! They expand and contract at different rates than the spark plugs. This can lead to a loose plug! If it's loose, the oil can seep into the combustion chamber when the car sits over night. This can be a very serious problem!! The 4.6 and 5.4 motors...and the V10's ALL have a serious problem with this. MANY come loose! To top it off, most those heads only have 4 threads holding the plug in. When it comes loose, compression can and DOES blow the plug right out of the head. When that happens, it requires a new head (or special insert installed) Lightnings are very prone to this...as have several Cobras. But in no way is this limited to supercharged applications. My wife's old '98 Expedition blew a plug out. My regular maintenance on my wife's Aviator and my Cobra now includes checking the plug torque every 6000 miles. (every other oil change) I have found loose plugs!! The oil in your combustion chamber may very well be from leaking through a loose plug.
I would pull my coil covers and coils and check for oil in the wells. Check your plug torque to see if anything is loose. Remember, it doesn't have to be very loose to let oil leak past the threads while sitting over night. If oil is present, reseal the valve covers.