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Here is a variation on the theme, for sake of completeness, even though it probably does not apply to your situation.
I have had the same oil smell issue with my 98 V70R. I have had the car for one year, but the smell started maybe three months ago, so I was reading this thread with great interest.
Yesterday I checked the cabin air filter and it was beyond disgusting. "Clogged" does not describe the state it was in. After I removed it, no more oil smell! Apparently, because air could barely go through the filter, the fan was desperately sucking air from all kinds of inappropriate places.
Also fixed by removing the clogged filter: a whistling noise when fan was on hi. Must have been from air being sucked in through a crevice somewhere (not a bad bearing noise). Also the flow rate is has greatly increased...
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'97 850 n/a Wagon, 170K mi ... '98 V70R AWD 106K mi
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