I will go with oil smoke, if it was white.
After standing for a while, there might be some seepage of oil from the valve-stem seals, which found its way into the cylinder barrels, and on first ignition, this oil is burnt off.
you might also find that under deceleration against compression, that there is a bit of white smoke
from my apprenticeship days some rule-of-thumb
1)Smoking whilst under acceleration = piston rings
2)Smoking whilst under deceleration against compression = valve stem seals
as long as there isn't continous smoke, and as long as oil consumption is minimal, and as long as there is no noticable powerloss, then don't worry....JUST YET
some more "clued-up" BMW mechanical purists (read LZ/Alexander/Gizmo( might have a better answer, but thats IMHO