I just started up my freshly built motor last week and the thing smokes like crazy. I haven't gotten the tune close enough to go drive it too far so I don't know if maybe the rings are'nt seated yet but i've never seen an engine smoke like this. When I fire it up it smokes a lot and then less as it warms up.

When I shut the motor off and pull out the plugs they are all oil fouled and there is a layer of oil on top of the piston. I've done a compression test which was 210 across the board (dont know if it was because of the oil in the cylinder) as well as a leak down test which was 1-3% on all four.

Any ideas?