First, is your idle steady and no choppyness? If so good, that means your ccvs are most likely leak free, but it is a very simple check. Lookup how to access n62 ccv, in a nutshell you just need to remove the plastic engine covers and pop off the plastic caps, inspect the orange rubber for any tears.

Next if you want a cheap and quick fix that costs zero until you figure out you want to sell it or repair...

Disconnect the exhaust vanos connector on the passenger side of the engine (if your standing in front of the car looking at it), it will disable exhaust vanos...

You will lose a mpg or 2 in heavy city driving, but highway is unaffected. It will also lose some tq at low rpm, but not really noticeable and if you mash the pedal all power is there.

Reason for pass side connector is it is easiest to access, take off the 4 clips holding the air intake in the middle under the hood, pull it out and easy to access.

Mine was smoking like yours after i did this i can hot idle the car for 10 minutes and get the smallest amount of smoke. If you pull away very easy on the rpms though you will get none. Before 1-2min and much bigger cloud.

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2006 X5 4.8is Fully Loaded