1 - Tune up the bike
2- Clean/replace the air filter
3 - Clean the oil breather filter at the bottom of the air box.
This should improve your performance issues.
White smoke is condensation steaming off from inside the mufflers.
Check the low point of each muffler and find the "weep" hole. Make sure it is clear so water can drain out.
Run the bike about 20 minutes on the freeway get the entire muffler hot. This makes all the water in the exhaust evaporate. And, the white "smoke" should stop. Until another cool down cycle. Condensation will again form inside the mufflers, drawing humidity from the air. It will take longer runs to make this evaporate during the colder months. I you don't thoroughly heat the mufflers, water will build up. The muffler drains should limit the buildup, provided the inside of the muffler is clean. Soot will absorb water like a sponge, and only heat will make it go away.
Cheers,