81 XJ550 maxim - white/blue smoke out of pipes

Bike sat for years and I just got the carbs totally rebuilt including throttle shaft seales, fuel inlet T & connector tube seals. It runs good now but getting white exhaust at the end of the pipes and then turns to blue exhaust like it is burning oil. Just drained the oil and it smelled like there might be gas in it. The magnetic tip on the drain plug had some fine metal on it but not much. Letting it drain really good and then will put fresh oil in.
What do you think the smoke is from- gas in the oil, rings/cylinder bad, lifters needing reset??
It didn’t burn oil before and it only has 6600 miles on it.

 

white would be moisture in the exhust.Blue, oil could be leaking on the valve seals or head gasket.
rings could be stuck may free up or you may need to treat it with acetone/atf mixture for a few days.
Do a compression test
was it old oil to start with?

 

The oil was changed before it was stored so it had been in there for several years. I will check compression.

 

+1 on it being stuck rings, or hardened valve guide seals. Since it starts, just run it for now, and keep an eye on oil consumption. The rings should free up. If not, then do a soak with a tablespoon or two of a 50/50 mix of acetone and automatic transmission fluid down the spark plug holes.

 

Compression is #1-118, #2-110, #3-116, #4-118

 

Did you check the fuel levels after the carbs were rebuilt?

 

spec
Minimum: 100 psi
Standard: 121 psi
Maximum: 135 psi
Max. variance between lowest and highest: 14 psi

so your numbers are good
also time to check your valve clearances. comp may improve if you need to change shims

look to see if your spark plugs have oil on them

 

Plug 1&2 were tan and 3&4 was black/wet looking.
I will move on to the valve clearances now.

 

I set them to dry height specs.

 

this is how to set and check fuel levels

Setting the fuel levels

3&4 black and wet may be oil post a photo of them