"Charlie is in a tailspin," says the former Hollywood bad boy

You know you may be in serious trouble if Gary Busey starts worrying about you.

“Charlie is in a tailspin,” the former Hollywood bad boy tells PEOPLE of the recent behavior of Charlie Sheen. “Charlie’s got to understand what the truth is. The beautiful thing about the truth is that it requires no questions.”

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Speaking at Las Vegas’s Surrender nightclub at the launch party for Celebrity Apprentice on Saturday, Busey says he’s known the Two and a Half Men star for 30 years.

“I want Charlie to get up out of the mud and reclaim his life and I’m praying for him,” Busey, 66, says. “The advice I have for him is to look at himself and the truth in his heart, because what he’s doing is not true to his heart.”

Like Sheen, Busey has had his fair share of quotable moments over his career. But he says he’s no longer that man that he admittedly once was.

“Most people do think I’m difficult. That was 20 years ago,” he said. “I’m giving with love. I’m really alive with love.”