If you can get it running, ride the hell out of it. These things do not like to sit. as ekpent says the rings are probably stuck. Pour some seaoam or acetone/tranny fluid mix into the cylinders and let it set for a bit, that might loosen them up. the more you ride it the more things will loosen up and get back to normal. If it still smokes after that you might have worn valve seals or worse bent valves or cracked valve guides from someone not installing the head properly. Happened to me.