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White smoke is usually coolant, blueish smoke is oil. N62's do have an issue with the valve stem seals failing.
Pray you are not burning coolant which can be a failed head gasket. But highly doubt that.
I would check/replace your 3 CCV/PCV's first and if it smokes after that it's definitely the VSS. You can rent the tools and do the job yourself and fix this issue with improved seals and only be out of pocket $500 or so including all the parts and etc.
This is the last "repair" to do list on my X5.
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