Smokes when cold

[cygnusx1]

      I know typically an engine will suck oil through the rings and the valve guides on decel.  Leaking guides will also puff smoke when the engine first starts.  Here is what my old beat up L28ET does: Starts up with no smoke.  Start to drive it and during decel it smokes lightly.  When you get back on the throttle, you get a decent puff of smoke.  It is oil, I can smell it as such.  After the car has warmed up (10-15 minutes or so), you don't get much smoke when decelerating or re-accelerating anymore.  Where is the oil most likely coming from?  The head was recently rebuilt by a reputable engine shop where the guides were in spec, and the valves and seals were replaced.  The motor has about 160K on it and it works hard, pulls very strong, and had clean bores when the head was off about 5K miles ago.   It did the same thing before the head was replaced.  I am thinking rings... compression test was done a long time ago...I guess it's time to do it again.  Typically will oil burn from rings improve that much as the engine warms up even with the stock cast pistons?

 

 

Edited May 13, 2010 by cygnusx1