Maybe you should switch bikes with your buddy and see for yourself what color it is and how much. Check the plugs to see if they are oiled. Do the compression test and a leakdown if you can get your hands on the tool. These should tell you where you are at or atleast eliminate one or two things.

Doug

 

And a leakdown test like Doug mentioned as well. Does it smoke just on startup and then goes away? Does it smoke all the time, when on the throttle, off the throttle and back on again? The two tests should show something, but may not be conclusive. Could be rings, guides, valve seals or a combination of all three.

If it's black smoke then perhaps the carb needs adjustment? Rufus is pretty much on the money about the cost involved at a shop depending upon the labor rate per hour.

 

My buddy rk does the same thing. no smoke, does smell like oil. only on decel, we chalk it up to unburnt gasses.

 

pulled plugs and both look like bike may be too rich, front cyl. darker than rear though. i think ill have a comp. test done

 

http://www.nightrider.com/biketech/spkplghnbook.htm
http://members.uia.net/pkelley2/sparkplugreading.html
http://hamelpower.net/html/html_tech...lugs/sp_04.htm

A pic is worth a thousand words, some spark plug links for ya.

I had a small smoke issue awhile back and asked here, did a bunch of surfing, then did the tests myself-(real easy). It's a good feeling knowing the top end is in decent shape. You may be able to borrow the tools from autozone or some place like them.

Doug

 

Just my 2 cents, but if it is not using a qt. of oil every 500 miles, I would not touch it.