X5 35d blowing grey smoke a few mintues after start up....

[BMWX5CHI]

I got myself a problem here. My 11' 35d is blowing grey smoke a minute after start, right after it warms up a bit and you go to accelerate. It eventually clears up after 20 seconds. There's a pretty big cloud that smokes out the traffic behind. My wife was driving her when this first happened. I drove her around after she got home but saw no smoke. Next day the same thing happened but I was able to see the huge amount of smoke blowing out the exhaust this time. It cleared up in about 10-15 seconds and doesn't smoke after the initial start up. Drove around and no smoke. She will smoke after you let her sit and restart but not as bad if you leave her sitting and the engine gets cold. I don't know exactly what is causing the smoke but I assume it is burning oil somehow. Oil level shows as max on display. Dipstick is hard to tell, everything is black. I was planning on doing an oil change today so I'm going to do that. Anybody had any similar issues in the past? Turbo seals bad? CCV? I checked the pressure with the oil cap off and there is no suction or pressure coming out. There is a build up of oil along the passenger side engine by oil filler neck, but no oil dripping on the splash guard or any signs that there is oil leaking down the engine. Need to fix this ASAP as my wife is using her as her DD until I buy her a new car this June. :-l Any advice is greatly appreciated.