I guess you just got it running. Sometimes a muffler is full of old oil and junk from whoever had the bike previously.. maybe it was running bad for a long time and oil collected in the muffler.
Smoke is mostly burning oil. That muffler could be full of old oil and it has yet to burn it all out. First get the muffler hot enough to burn it out.. a hour's ride should do it. If it's still smoking as much as ever, then you might be using too much oil.
Smokeless oil in not really smokeless. But even 'normal' oil will not smoke tons unless you use too much.
The most you should see is a faint blue haze trailing a few feet behind the bike. With just enough smokeless oil you might only see that blue haze near the pipe while you are stopped and idling.
But if the bike needs a tuneup, thats a whole other story. First get it running perfectly and then determine if it's smoking too much.