About 2 days ago i've been seeing greyish smoke coming out of my exhaust. It only happens after i decelerate while in gear. Yesterday i decelerated in 2nd gear from 4500 rpms and then punched it when i got to 2 grand. A huge cloud of smoke came out my tail pipe. When i'm on the highway i don't see anything. I only see smoke in stop and go traffic. But it's not heavy smoke unless i decelarate then get back on it.

I pulled the plugs and they are caked in black ****. I'm guessing it's oil burning. But i'm not sure. I just got the turbo rebuild 6 months ago so i don't think it's my turbo seal going bad. I checked the coolant and i'm not loosing any. I also checked the oil and i'm not seeing a lose in that. I'm going to do a compression test tonight to see if the head gasket is blown. I'm sure it's not the rings because i'm not getting any smoke out of the pcv valve.

Does anyone have any other ideas of what can be causing this.

set up:
gsr (stock internals)
drag kit.
t3/t4 turbo
afc hack w/440 dsm inj.