Sluggish w/ white smoke?

[rock1571]

I've searched the threads here multiple times now and have a pretty good hunch of what caused my problem, need some advice on how to fix it... 01 3.0 with 115k miles...

X5 is garaged at night, short trip to drop the kids off at school in the morning, and then I get on the interstate for about a 15-min drive to work. Not every day, but on multiple occassions in the last 2 months, I've gotten on the interstate and when I get to around 60mph the engine makes a strange sound, gets sluggish and a huge amount of white smoke comes out of the exhaust. This would be after appx 15-20 min of city driving to get the kids off.

I've noticed the telltale milky oil under the filler cap and on the end of the dipstick. Took it to the dealer about a month ago and they didn't find anything wrong with the CCV, although they did notice a lot of moisture in the engine. They let the car run for awhile and took the filler cap off to let the moisture escape. They said the white smoke was condensation escaping in the exhaust. I'm skeptical of this because it is a huge amount of smoke that doesn't dissipate like I would expect condensation to do. There are no oil leaks I can see or smell and I do not appear to be burning any more oil than usual.

Any ideas on what the white smoke is and what repairs I might be needing to fix this? I had the CCV replaced with the new parts last January after the VCG blew out.