Engine Smoke Theory:
Rings: Yeah, could be white, but say more a blue tinge to it. White is rich gas being vaporized white. This is a steady [blue] smoke. Ring gap to wide a gap. Piston rings cannot scrape oil on the cylinder wall on its way down under the power stroke. When the gas is sparked, it also burns the oil the ring did not wipe = Constant smoke.
Valve guides: This is your scenario. Intake stroke occurs, the vacuum is like electricity, finds the shortest path filling that void is the cylinder chamber. When the intake valve is open, vacuum sucks oil between the guide and valve stem. Every intake stroke, you do not see how subtly slow the oil level drops. Only way to tell if the guide is bad is to sustain throttle, lift so there is sort of a back and forth in the exhaust pipe that is not pushing out the the pipe when you close throttle. Add even more suck strokes at the intake's opening, so it draws in even more oil with a closed throttle. Puff is the short smoke phase you see occur.
Breather: In the crankcase, smoke begins to appear. It's spent exhaust mixed with burnt oil that blows past the rings. That's compression loss. 3 more leaks losses are; out the intake/exhaust valves, and head gasket. Ring wise, it can't hold the pressure, the air flows down the piston, spent fuel w/oil burn is what you see smoke out the breather.
When you hit the throttle, that bellow of smoke comes out and then clears when leaving the light. However, every stroke is the intake, thousands of times a minute, and gulp, gulp, gulp goes the oil bag.
Buyer vs. Seller Rules:
Buyer has this theory in their back pocket. Buyer stands behind the vehicle's exhaust pipe. Seller fires off a cold engine. Why? Overnight, oil rolls down the valve stem, has a puddle on a closed intake valve. Gas comes in and washes the oil off the intake valve. The mix explodes, bellows out a puff of smoke and you now negotiate about head work, if not a worn engine needing more than replacing guides/seats/valves/cha-ching!
Seller says to come over at this time frame. Meanwhile, the seller knows it smokes on startup, goes out to the vehicle, starts it up, sees the puff of smoke clear. You come 10 minutes later, stand behind the vehicle and do not see a puff of smoke on startup.
Buyer has the owner pop the hood, then feels the exhaust pipe being warm. Buyer walks away from it, or if you want the vehicle that bad, say you'll come to see the car only if the engine remains cold on the next visit. That, or work a deal hot so you can mention the why you want to stand behind the vehicle.
Ass [was] me how I know? Smoke me once... finish the phrase.