Okay here is the deal I have a 1990 GTU, the previous owner said the motor came out of another S5 with about 70,xxx miles on it. Well anyways I can tell the oil seals are on their way out because sometimes it smokes bluish oil smelling smoke, but sometimes on start up the smoke goes from blue to white. The funny thing is I do not smell coolant from it at all. Could it be condensation from the exhaust? After warm up it doesn't smoke at all. I have done my searching and could not find an answer to my question specifically.

 

Your hot exhaust is vaporizing moisture in/on the pipes. Hell, I got a lot of it this morning here in CA where it was only about 45 degrees.