Long load times in Elder Scrolls IV? Here's a possible quick fix.

Just so your not paranoid this is completely harmless to the 360.

"To solve this problem, reset your Xbox, and hold down the A button as the game is booting up. If any button is held while Oblivion is loading, it will clear its hard drive cache, and create a new one. Once you see the "Bethesda Softworks" logo video, the game is already loaded, and the cache should have been cleared."

That might clear up some problems with loading times, and other bogged down occurances in the game. For example, sound lagging and want not. Hope this helps.

Via Xbox360fanboy