IMHO (& from what my first chief-mechanic taught me)
White smoke = coolant-steam or small amounts of fully burnt oil (e.g inlet valve guides or breather oil into the air-filter)
white-grey smoke = tons of oil or half burnt oil (e.g rings or exhaust valve guides) :evil:
Black smoke = fuel
Blue smoke = The Red Arrows :-D
dkeith I agree with Will it is most likely oil in the airbox. Mine did it due to a poor seal on the crankshaft breather (under the right side crank cover) It looked like steam at first.
Need to get it fixed as it makes the bike run more sweetly.
Mine was a guarantee job but only took 30min
Good Luck Jon