I have this problem on my Mustang, small puffs of blue smoke under hard acceleration.
Watch this vid at around 2.22
http://www.youtube.com/watch?v=7z6tSzCfSq4
You see a little blue cloud coming out of my Mustang
Just for total clarity for future searchers, it should be explicitly noted that smoke under acceleration is very much different than Pokageek's smoke upon start-up.
Above-thoughts sound good. Gravity allows a tiny bit of oil past the seals when the car sits overnight and this burns upon start-up.
You can do a leakdown test if you desire - that helps narrow down where the issue is comin from (it could just by one valve that's doing it).
:OT: GMGT, have you smoked turbos very often? I had the fun of going through several rebuilds. I was AMAZED at how just a couple of drops of oil (passing the dynamic shaft seal) could make SO much smoke.
Just for total clarity for future searchers, it should be explicitly noted that smoke under acceleration is very much different than Pokageek's smoke upon start-up.