the basics are:
black smoke - fuel
blue smoke - oil
white smoke - water

if it's got mayo in the breather system it might be water getting in somewhere rather than it just sitting around and it being condensation

fully clean out all the breather pipes and wash the breather out and give it an oil change and then take it for a good long run, not booting it just a run up and down a motorway or something to get it up to temp for an hour or so and then see what happens to it afterwards breatherwise