oil out of exhaust !!

[gs986]

i own a 1999 boxster tiptronic and last night my friends were driving behind me in a convertible and just as i went into third gear and started accelerating they noticed a small amount of oil droplets and a small amount of smoke coming out of the exhaust, and there was a smell of burnt oil which i always smelled but never have given it much importance.
what does this mean? and what should i do?

[JFP in PA]

With your car running, try to remover the oil filler cap in the rear boot; if it is difficult coming off, your air oil separator is toast..................

[AZ UFO]

oil seperator for sure it is a cheap easy fix you can do it yourself. look it up it is easy to get to if you have any ability to do repairs, after you replace it it will take a few days to get all the oil out of the motor so dont worry when it is still smoking for a day or three