Your seadoo has a rotary valve that is operated by a rotary valve shaft. It is inside a chamber that is in the engine lower cases. The chamber is supplied lube from the oil injector tank to lube the shaft. On either side of the shaft in the case is a seal. It keeps out the oil from the cylinders that are on either side. Over time the seals go bad and start to seep oil into the cylinders and cause excessive oil in the cylinders. It will smoke like crazy and foul the spark plug eventually. To resolve the problem you can either pull the engine and replace the seals on the crank shaft or replace the engine with a re-manufactured one. Either way it will be expensive to resolve. somewhere in the area of just under $800.00, depending on what is needed. I would just run it and not worry about it, just keep some extra spark plugs handy, or sell it.
Karl