Maybe oil in air box from breather when it was overfilled. Now burned away? .
this could explain the blue smoke from the exhaust. i was
told, that especially on the track, the oil level should
be on the lower side, to avoid this issue.
in addition, i always have the problem that the gasket for the
valve cover is a bit leaking. Especially, once the bike is on the
side stand, there are oil pockets in contact with the gasket.
as a result, i always have a smoking bike if i start it after
a long break, as the oil residue are burnt away.
(and yes, my bike is always smoking hot)