You will only get more power IF the fuel/air (not fuel/oil/air) ratio is maintained during the process of comparing the oil ratios. So, think back to the white/black/red marble analogy. If your fuel/air ratio lets, say, . . 20 black marbles with every 100 white marbles through the jet as the standard for your fuel/air ratio in any given time frame. [I don't know what the number or ratio actually is, obviously, just using easy numbers so we can compare {the number of molecules is NOT the same as the volume ratios we use, ie 50:1, 40:1, etc}]
So, let's just pick a number and say that at 50:1 there will be 5 red oil marbles/molecules that will fit through the jet at the same time as the 10 black and 100 white marbles. If we increase our oil in the ratio to 40:1, let's say that means there are 7 red oil marbles plus 10 black and 100 white marbles. That means we would need to increase our jet size slightly to get all the marbles through in the same amount of time. If we increase our oil again to 32:1, let's say this means that there are about 10 red along with our black and white marbles. You can see that we need a larger jet to get the same number of black and white marbles through along with the red marbles. As we keep increasing red marbles, we need to keep increasing the jet orifice to maintain the same black (fuel) and white (air) amount.
Make sense so far? That's the rich/lean/jet size theory.
Now, if we suppose that we are burning some of that oil in the mixture along with the fuel and air, then IF we are still burning the same amount of fuel and air, then the extra power comes from burning oil (the only other possible source of combustion). We likely save a little power from loss via friction as we increase oil in our mixture, along with saving power via better ring seal, but apparently there is enough increased power that some of it must come from burning the oil.
At least, this is my interpretation from what my genius hubby explained to me. If there is another genius out there that thinks of it differently, or if I'm completely full of BS, by all means, let us know.