Ah, I found it. That is the Tecumseh engine model number. Used on 1969 Sears model 217-58520.
Don't know for sure, but it probably was specified for 50:1, but if it were mine I wouldn't run it at less than 24:1, using chainsaw oil. That motor runs much hotter than water cooled ones. It was originally designed to be used on a chainsaw at 16:1