Could be running a bit rich. Under decelerating it is burning less and blowing out some unburned fuel. Have a friend replicate the problem while parked if you can and stand behind the tailpipe. Burning oil will have a definite odor. And unburned fuel will smell like...unburned fuel.
If it is oil then I'm with the above posters.
May, and I mean may, be helped with a switch to a high milage oil that has extra conditioners that could help the valve guide seal a bit.
Also having carbon deposits in the cylinder is a possibility. Spraying a mist of water into the intake can help clear that out.