My 96 cherokee, I6 4.0L, dumping oil

There is a good chance the head gasket is leaking.
If the air flow thru the radiator is good, and the coolant flow is good, there could be something like an exhaust restriction that is causing extra heat, or the head gasket may be leaking.
Will it get hot just sitting still, or do you have to be driving it ?

Unlikely it's the regulator causing fuel to be dumped into your oil. A stuck open or leaking fuel injector would dump fuel into your oil.

Check the type of oil you are using as it clogs the pin in the oil poressure sender unit.

loose or damage oil pressure switch or double gasket on oil filter

CHECK FUEL REGULATOR ON FUEL INJECTOR RAIL,&ALSO FUEL PUMP, CHARLIE

yes, don't let us guess. take it in and get it checked out. time is engine wear.

THE MOST COMMON LEAKS ARE THE TRANS FLUID PAN GASKET, THE NEXT IS THE TORQUE CONVERTER FRONT SHAFT SEAL.

have the crank sensor replaced this controls the spark and injector pulse it is located on the drivers back side of the engine above the transmission housing!

It's called an oil pressure sending unit. There are two versions one for vehicles with a light on dash, one for those with a gauge. It's not expensive and MUST be replaced. Not hard to do.

the sensor is located right above the oil filter, careful they crack very easily...but are really easy to replace...