2006 4.4 X5

It's a cold winter in Canada, driving to work the other day I lost all my oil. Had it towed home and found that the alternator bracket gasket had let go. Thanks to slickgt1's write up I've replaced the gasket and the car is running again with no leaks from the engine bay, but I have excessive smoke and liquid oil coming out of the exhaust.

Any idea what is going on?