well sometimes that can just be old gas with old smoke and water and when you start it up for the first time thats what comes out the exhaust. or if it is not then you are getting way to much oil in the motor or your piston rings are bad, so first start out with a compression test and see what you got. i dont know in 96 but tigershark made the oil pump stay wide open when the pump was junk. so start the motor then connect the water hose and let the motor fun for like 5 mins then close the water off let motor run for like 15 secs to remove any more water in the motor then let it rest for 10 mins then do it all over and see if oil is still coming out..
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