im not really saying its running rich but with new valve seals and rings there has to be something going on... i did a quick google search to make sure i was right with my colors (which i was) and this is what i found... i couldnt say it much better so im cutting and pasting... of course this is for a car but same idea
Blue Smoke: Blue smoke is caused by engine oil entering the cylinder area and being burned along with the fuel air mixture. As with the white smoke, just a small drop of oil leaking into the cylinder can produce blue smoke out the tailpipe. Blue smoke is more likely in older or higher mileage vehicles than newer cars with fewer miles.
How did the engine oil get inside the cylinder in the first place? The car has many seals, gaskets, and O-rings that are designed to keep the engine oil from entering the cylinder, and one of them has failed. If too much oil leaks into the cylinder and fouls the spark plug, it will cause a misfire (engine miss) in that cylinder, and the spark plug will have to be replaced or cleaned of the oil. Using thicker weight engine oil or an oil additive designed to reduce oil leaks might help reduce the amount of oil leaking into the cylinder.
Black Smoke: Black smoke is caused by excess fuel that has entered the cylinder area and cannot be burned completely. Another term for excess fuel is "running rich." Poor fuel mileage is also a common complaint when black smoke comes out of the tailpipe. Black smoke out the tailpipe is the least cause for alarm. Excess fuel will usually effect engine performance, reduce fuel economy, and produce a fuel odor.
How did the fuel get into the cylinder in the first place? Some of the causes of excess fuel are a carburetor that is out of adjustment, a faulty fuel pump, a leaky fuel injector, or a faulty engine computer or computer sensor. If black smoke is present, check the engine oil as in the white smoke example to make sure excess fuel has not contaminated it. Do not start the engine if a heavy, raw fuel smell can be detected in the engine oil. Call your mechanic and advise him of what you have found.