Take a look in the Oil Chamber. There is a thin, clear, plastic tube which runs from the Chain greaser into the Oil Refill Tank, you might need a torch to see it (from the right side up it is at the far top right of the chamber.
This small pipe can easily be bent upwards so it sits above the oil level when the chainsaw is right way up. Use something to bend the little begger back down into the oil so it's sucking oil and not air onto the chain.
Now would also be a good time to clean the chain bar, it gets clogged, which stops the flow of the oil onto the chain.
It took me ages to find this solution on my saw, I could find nothing to help online but I eventually figured it out. What a stupid McCulloch design error.
All the best
Steve
Steve Owens, August 2008