1st step: BMW Friendly diagnostics
* run quick diagnostics / test
* you need to scan for stored and active codes
Also, check ps fluid level:
* since you mentioned turning the steering wheel, check the PS steering reservoir. You might be low (see label ATF versus Chf11s)
EDIT MISC:
* might as well check your outer CV boots
Smoke:
* you might be due for an oil separator (aka CCV) replacement or
* any of these combination : valve cover gasket, spark plugs, valve stem gasket+seals, blocked secondary air injection pump
* EDIT added camshaft sensor
* while your doing a major inspection, check the expansion tank for signs of hair line cracks ( pressure test it ) + associated hoses, coolant pipe gasket / valley pan seal / rear block coolant passage cover seal
* I assume you know the rest of cooling system ( what else to check ) and the proper 50/50 mix of the BMW coolant/ anti freeze + bleeding procedure after performing a major or minor coolant system repairs.
EDIT: Life must be really good back there in pinas
(v8 X5) ...
How's the petro quality 91-93 octane other than Shell Station ( I always use V-Power Nitro+ petro at 93 when I visit )
Good luck!