Sounds to me like the seals on the Piston are bypassing, could also be the lock valve.
I work on Hydraulics a lot, mostly powered hydraulics on tractors and such, but the same principles apply. The first thing you can try is thicker oil Just for kicks and giggles.
Ultimately, the proper fix is to strip it down and pull all of the seals, go get them matched up at a hydraulic shop and reassemble. Depending where you live, I can recommend a place for you. Always use tractor hydraulic fluid on reassembly, easier on the seals.