Well, by the sounds of it, it looks like your valves are just fine.
If you have a puff of "blue" smoke only on start up, then yeah, your valve seals are showing there age.
But if your getting "white" smoke Only during idle and deceleration, then you have a ton of moisture in your
exhaust system.
Now when you have a water cooled bike, or a bike that has a separate transmission with Trans oil, then I would suspect your
burning one of those fluids, but since you don't have neither of those on you SOHC (it is a SOHC??) I wouldn't worry.
Take her out for a nice long ride (35mins +) and report back after that.
Cheers
LL
P.S. I had this problem on a couple of bikes including a VF500F Interceptor. Thought it was a water leak, but it went away after 2 days of riding. And it has never returned