I just discovered it today, because my right mirror was angled downwards enough to see my muffler.
So I put my GoPro on my helmet backwards and did some riding. After looking at the muffler in the mirror and watching the video, I've concluded that it'll only smoke under these conditions:
The big puffs of smoke came from giving it agressive throttle after decelerating.
Not sure if you can tell in the video, but there's small streams of smoke from decelerating.
There seemed to be more smoke coming from higher RPMs (7k+) than lower RPMs (5-7k), and no smoke at even lower RPMs (<5k).
I've done a compression test and all the cylinders are near factory (125-140 iirc), and I only have one small leak from the head cover side cover. I'm also not low on oil.
Video coming soon because apparently it takes about an hour to upload 60 seconds of 1080p HD video...
www.youtube.com/watch?v=N2sm0CI0JPQ