stuck at 40fps?

I'm new to all of this so apologies for any tweaking and whatnot for being unfamiliar to me. The mod for the most part seems to be working great from the short time I've used it, however my FPS is capped at 40fps. This isn't the worst thing, but it is definitely quite jarring considering I'd be well over 100fps nearly all the time before getting OR. Sorry if this is a dumb question, but is there any way to raise/unlock the FPS cap?

Open the options menu with the O key. Use the arrows to navigate, numpad +/- to change options and enter to save. There is an FPS manager that you can turn off or change the cap of. You might have to restart the game to see the effect.

If you do disable the FPS cap (it's called "Smart Control FPS" in the settings I believe), make sure you also have Oblivion Display Tweaks installed with the Tick/FPS fix enabled, otherwise you'll get some serious physics bugs. Or enable v-sync if you have a 60hz monitor.