X5 blowing white smoke from exhaust

[caseyx5]

I have a 2004 BMW X5 4.4I with 124,000 miles. I have noticed recently that if I start the car and let it sit in park for 4-5 minutes that it will start blowing white smoke out of the exhaust. If I have been driving for a while and I come to a stop then the white smoke comes in about 2-3 minutes. The white smoke smells a little like oil but there is no oil trail at the mufflers. The smoking always stops when I start driving, but I am not sure what is causing it. Is it using to much coolant? Do the valves need to be replaced? Please help.