Might be jumping to conclusions here. As cpallen indicates there are two drain plugs and with one only a couple of litres drains out.
If you just bought the bike ? and it hadn't been used for a year it could be the previous owner stored it and poured a bit of oil down the cylinders, some people storing it long time do that.
There's no air filter in the air-box it's a separate unit between the air-box and the carbs.
Do the routine maintenance, change the plugs and start it up, run it for 5 minutes or so and see if the smoke clears away.
How many miles on the clock ?
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Ride on !
