If you have oil in your exhaust you have to ask,, "how did it get there?"
You should never have oil in the exhaust--even when its new--But the nature of the PCV system puts it there. When the modular motors rev high there is alot of oil flying around the top of the valve train and it gets sucked into the intake and back into the engine. This is why alot of us run catch cans... Look inside your throttle body etc and look for oil, its ok to see dark deposits there but it should not be wet, if its wet that is where its getting into the engine.
Now assume you are not running your car like a rabid animal, just a daily driver on the road like everyone else and your seeing the blue smoke at startup, if its blue its not fuel.. Fuel smoke is grey, but its a darker grey.. Ok, you have high mileage, no big deal, but chances are your car has worn valve stem seals.. When the car sits at night the oil will weep down the valve stem and gets sucked in the combustion chamber at first startup...
Ok, if your driving and you accelerate and blow smoke its a ring issue,,,if your decelerating hard and get smoke then its definitely valve stem seals...
good luck...