Burnt oil! That means that my oil is burning off and depositing on the dipstick. The dipstick is nowhere close to the exhaust manifold. That can't be good as the dipstick is immersed in the oil reservoir which should be cool. Don't you think so? That means it's much worse elsewhere.
This happened to me when I drove a 1996 Dodge Ram 1500 360 engine to Fl. from Ohio It was hot 100 degree days with 10-30 Penzoil, the dip stick above the add oil line was very covered with what appeared to be brownish burnt oil, while the oil on the level marks was pristine in color.