<VV> 1962 vair

[Eric Nelson]

Hi all,
   I am new to all this so please bare with me. The guy I got the car from only had it a short while so I cannot ask him much about some of the funky things I seem to have.  Does anyone know why there is a valve of some kind in my oil cap? No hoses just this valve with 2 ports. I seem to get a small amount of oil on the engine like a lite film. Could this thing be the culprate? The car runs great or seems to anyway. Is this a major problem brewing?
                       Thanks