Err... it really isn't the oil that makes the smoke. Most of it is water vapor. Clearly unburnt oil is part of it but it is the water vapor most people notice.
In this thread [link]http://helifreak.com/showthread.php?t=56130&highlight=bill+smoke&page=2[/link], I weighed in on post #11. Heli's appear to smoke more but run about the same amount of oil. They just hold the exhaust longer in larger mufflers. This allows the exhaust to cool more and the water vapor to condense more. Here is a repeat of the vid posted in the other thread.
http://www.youtube.com/watch?v=20sI4h3I950 What you see in this video as exhaust is all water vapor.
Collect your exhaust and you will find there is 3 times more water than oil.
Bill