Thanks. I'm pretty sure it's blue smoke, and it has a definite burning oil smell to it.
One of the first things I did after I bought it was to drain and change the oil and change the filter, so I know the oil is OK.
One thing of interest: I took off the valve covers to check things out. The passenger side was fairly clean, but the drivers side was almost completely caked in gunk. One drain hole was partially clogged, while the other was completely clogged. I cleaned everything out and made sure the drain holes were clear.
Here's a pic of the drivers side:
I was hoping maybe clearing the drain holes would reduce the smoking, but unfortunately seemed to have no effect
