I agree with everyone else here. Do your basic maintenance and put some miles on the bike before you decide that you really have a problem.
If you get a lot of smoke, there are three big possibilities: fuel, oil, and coolant. Smoke from fuel problems (like burning too rich) is usually black or gray. That sounds like it's not your problem. Smoke caused by coolant in the exhaust is usually white. Smoke caused by burning oil is close to white, but looks a little bit bluish. Look for a bluish tinge in the smoke. If it has that, then it's probably oil. You can also hold your hand in the cloud then rub your fingers together and smell your fingers. Burnt coolant feels slightly different from burnt oil, and it smells distinctly different from burnt oil.
If the bike smokes on startup, but then doesn't smoke, valve stem seals are a likely culprit. They tend to get old and hard and crack after a lot of years. That may also be the reason you're spitting oil on startup. If you get bluish smoke all the time, then old piston rings are a real possibility. If you get white smoke, then you likely have head problems, like a cracked head or blown head gasket (depending on what part of it blew). Those sound bad, but it's not as hard to fix as you might think. Get a good manual, good tools, and a helpful friend, and you're good to go.
Curt
