Assuming the saw was cutting OK before, you have one of two problems:
1. Chain lubrication. running free, you should see oil in the chain slot on the bar. If not, remove the chain and bar and clean ALL the sawdust out of the area around the sprocket. It will probably be packed full. clean the slot in the bar, too.
2. Nothing dulls a chain faster than contacting the ground. If the stump is smoking, the chain is not cutting. you may have hit the ground or an embedded rock.
My guess is you have both problems. clean the saw and sharpen the chain. Use a proper chain sharpener, don't go sawing away with a file freehand. or just replace the chain.
Sam Sawyer, January 2009