Proper gas/oil mixture for Homelite XL-12? ?

I recently inherited a nice old homelite XL-12. It was out of fuel so I put in fresh fuel mixture, 40:1, and a new plug and it fired right up. On the gas cap it says,
1/2 pint oil to 1 gallon of gas. That's like 16:1 fuel mix.
With todays new 2 stroke oils, do I still need to mix the fuel that way? It seems like an awful lot of oil. I have a stihl as well that uses a 50:1 mix. Any info would be appreciated.