Doubtfull it's a compression issue because it starts and runs fine otherwise. I think what cody is talking about is a cylinder leak down test. Does your bike use oil? Does it smell like gas? I've seen where the carb overflows, floods the cylinder and the gas leaks past the piston into the crankcase, and when revved the excess fluid in the crankcase gets pushed past the rings and into the combustion chamber, making a white smoke. So, that being said, make sure your oil is not over full and does not smell like gas. Only other thing it could be, engine wise, is its burning oil, but that is usually blueish and you can easily smell it.