Yes, when the choke is on (closed) and your bike is warmed up, it should run poorly or not at all, and die if you try to rev it.
Where, exactly, is the smoke/vapor coming from? Where the exhaust mounts to the engine? Off the outside of the cylinders themselves? If it's the latter, it's likely oil burning off, from a leak or being spilled. If it's the former, you need new exhaust gaskets.
If the smoke/vapor is coming out of the end of the left side exhaust (cylinders 1&2), then it could be a number of things -- oil burning from bad rings or valves, or water vapor burning off, or if the bike hasn't run in a long time crud in the exhaust burning off.
That being said, your bike came stock with a 4 into 1 exhaust system, and most replacements were also 4-1. Do you have an aftermarket 4-2 exhaust on there? Pitcures would help.