the valve stem oil seals have gone! they now allow oil to drain into the combustion chambers whilst engine is turned off. when you re-start engine this oil is burnt ( hence the smoke) .
A very common trait. You need to renew the oil seals . A garage will do this WITHOUT taking the cylinder head off!
The new seals will be soft and flexible -keeping the oil away!
It will not mean your engine is Shot! So no major worries, in mean time keep a check on oil level on dipstick. Top up as required.
aries9456, January 2005