Hmmm..... might want to try a simple deglaze 1st.... A little smoking on startup isnt to unusual for any 4-stroke engine. Try this....
Dump the oil you have now, leave the filter (no need to change it for this).
Use 1/2 quart of Castrol 30w HD (make sure it is straight 30w, NOT 10w30, and it MUST have "HD" on it), and the remaining oil to capacity any basic 10w40 dino oil (Castrol GTX or Quakerstate will work fine).
So if the total amount without filter change is 2.6 quarts:
.5 quart 30w HD
2.1 quarts of 10w40
Go ride the piss out of it for a good solid couple hours (no more than 4 though), then do a normal oil and filter change with your favorite stuff.
While youre riding, the shifting might feel a little clunkier than usual, but thats normal for this, so dont worry about.
That will deglaze the cylinder, and unstick any rings, and get rid of any other crap in there. Its cheap and easy to do, if it fixes it, then cool.... if it doesnt, then youre only out a couple bucks of oil.