That Jake has got me stumped. I fixed a bunch of things on it. It smoked a little on start up when I got it. But, after a few seconds it ran clean. Now that I've fixed it so it runs good, it smokes bad! I'm getting gas in the oil. I've got it narrowed do to; bad carburetor, bad fuel pump or, bad rings! Can't believe I need to do a ring job on it! And it has an oil leak up under the covers near the oil fill tube. I'm thinking maybe the tube itself has a hole in it. I may tear it all apart this weekend!
If you have gas in your oil, your carb needs a good clean/rebuild. Probably float needle and seat problem