Oblivion doesn't really take well to multiple installations, as it stores critical data (ini file, and your saves) in the My Games folder..... both installs of the game would want to use the same info..... (and then, there is the plugins.txt file, that hides yet someplace else.....) There are a couple different utilities that 'simulate' multiple installs... but, I have zero experience with them, so, can't really make any recommendations there.