mark
+1y
white smoke = condensation or coolant
blue smoke = oil
black smoke = running rich
when you did the compression test, was it atleast 150psi?
my bet would be with pancaked, which is simply condensation...it's really cold out, and any car will smoke white at start up if it's been sitting outside
does the smoke smell funny? or just typical exhaust
these guys are correct about the symptoms of a blown headgasket/cracked head/ etc...check the oil and see if there is coolant in there, if there is, then it is one of those problems
if there isnt, it's just condensation.
if it was valve seals, it would be blue smoke, meaning it is burning oil
if you really do not think it is condensation do this...disconnect your exhaust at the collector before the catalytic converter and start the truck...if it is still smoking white, then you have a problem, but if it smokes for a second or so or not at all...its just condensation in the exhaust