Check for cracked rings...who installed the valve guide seals? Any scars on the intake valve stems? A crack in the head, if it involves the oil gallery, will display those symptoms as well.
..... also...are you overfilling it with oil..?. and...is your oil 20-50 of the correct 4 stroke variety... I have seen people put in 2 stroke motorcycle oil...and that happens. Crankcase ventilation is important, but if your vent feeds into the airbox, I'll bet your air filter compartment is PLENTY oily if the rings are cracked, and that will smokemup baby, and I don't mean maybe.
Check all those things and you will find at least one culprit causing it. It's not the Starship Enterprise. Keep us posted.