There's the problem.....crankcase sump is flooded.
RUN some Seafoam through the gas via the tank. It works well for outboard engines that have been sitting some time.
The smoke/oil could be coming from an over-filled engine crankcase (sump) because it had been sitting for so long and the oil back-flowed from the tank into the engine sump. To drain the sump you will find the large hex socket drain plug under the engine crankcase. Remove this plug and drain the oil. Normally it would only have about 4-6oz. of oil. Once drained, reinstall the plug and don't over tighten it or cross thread the damn thing. Check your tank oil level, add oil if needed, replace oil tank cap and test run the engine again. You'll need to check and clean the tappet screen as well. What,s that you ask....
If you change the oil/filter (recommended), the drain for the oil is not under the engine, it's under the oil tank. If your're not experienced with V-twin engines I recommend you either get a good mechanic, knowledgeable mechanic friend or search this forum for your answers.
Using an oil filter having low flow properties can cause the oil to accumulate and flood the sump as well. Once the oil runs through the engine it ends up in the sump where it is pumped out through the oil filter and back through the oil return line to the oil bag (tank). You can use a K&N 170C (C=chrome) oil filter. I liked them because they have a nut on the end for easy removal. I now run a K&N cleanable billet filter.
After writing this I see it was already recommended to drain the crankcase......Oh well, it's a slow morning. Let us know the results.