Oh- you need an OLD tech that worked on a lot of these in the early eighties.
Remove the oil pump from the front of the saw by the bar. An M5 by 25 screw helps.
Disassemble the pump, keeping the parts in order. The oring will be on the pump body where the plunger goes in.
Take a good look at the plunger gear teeth. Check for wear. Clean all parts.
If using the old spring, give it a stretch. Don't have an exact measurement, but a good 3/8 longer was about right.
Reassemble. Oring into body, washer, and spring. Sometimes there was another washer between the plunger gear teeth and spring also. Have seen it both ways. Make sure the oring fits into the recess of the pump body. Lube with your favorite oil (not fussy).
Work the assembly back into the case. At most, small taps with a light hammer. When seated, reinstall c-clip. You will use a socket the fits the bore of the case to install the pump and seat the c-clip.
i would pull the plug and pull the cord MANY times to remove the oil from the cylinder. It will take a while. Never tried flushing, but worth a look. Until you get enough oil out to get the saw to start again, be prepared to have the starter handle ripped out of you hand.
Once started (a little priming will help) let it run until the fog stops. And it WILL fog!
Enjoy!