That is not slobber, that is leakage. Slobber is liquid oil comming out of the exhaust, usually caused by rings not seating properly, toohigh an oil level causing excessive internal splash and not running the engine under enough load to keep the rings seated.
As for your oil situation, what condition is your breather check valve in? If it is working normally, any positive pressure should be vented thru that reed/plate valve and every time the piston rises, a slight vacume should be pulled on the case, helping to keep any oil from leaking out at any of the seals. If that valve isn't flowing outward freely, positive pressure could be building up in the case, forcing oil out at any possible leak point.