It's white smoke, only coming out the one side though, and through the carb too which I don't get. But like I said I just re-built it, like maybe a day ago, and I've only ridden maybe 10 miles so far. Still trying to work out all of the other gremlins, leaking petcock, leaking t fitting between the carbs, etc. Went through the carbs today though, somewhat, I had thought a float was stuck since it was leaking, but it was the t fitting.
It's a 1980, so there really wasn't much I could do to adjust the carbs, but I did find that on the left cylinder what I think is the air mixture screw? It's towards the engine on the top of the carb, was turned all the way in, and the right was turned all the way out. I set them at about 3.5 turns out.
It really only does smoke when I rev it, or when I'm dropping back down to idle. This was my first time really rebuilding the top end of one of these so I was kinda worried I screwed something up.