Why should this affect OAuth? The authentication mechanism is not part of the protocol.
OpenID is for authentication and OAuth for authorization.
Checking out the code, it looks like the string comparison at the end of the check_message_signature method will leak timing info (uses rb_str_cmp internally?).
Link: http://github.com/openid/ruby-openid/blob/master/lib/openid/...
Edit: Was wrong about what could leak.