Gonna be honest, I have never attempted the owlbear fight; I have Examined the owlbear and I don't need that kind of heat at level 3, lol. All the obvious ways I can think of to do it either involve getting lucky (for example I'm pretty sure you win if it fails its save against Blindness, but it is strong in Constitution saves so it probably won't) or respeccing your companions into cheesier classes (for example, everyone is Gloomstalker rangers and you blow it up from stealth on turn 1).

I have some ideas for approaching it with a balanced party (grease bottles to hopefully keep it prone?) but I'd definitely be sweating if I had to fight it that way!