I agree with twoton
Pull the two plugs out from the side thats smoking,,see which cylinder is the problem,,,I hope its just a fouled plug and not the rings,,exam the plug thats in question ,,see if its fouled from fuel,,or {hope not] oil,,,,,,,,
I have seen several case's b4 that were not busa's,,but oil leaked from the motor onto/into, the midpipe connection,,some of the older hondas and kaw's would do this,resulting in smokeing on start up,,You mentioned oil being in that area,,,,The manual forwarns about the breakin period,,,Its specific on for the first 600 miles not to exceed[ I think 5500rpm] and 8000[ I think] until 1000 miles,my point is this,,,the manual,Instructs you to while in that break in period,Not to ride around in the same rpm range,,,,ie; cruiseing at 4000 rpms for a extended period,,the rings will seat,and you may have early ring failure,,,it recommends to keep the rpms,moveing around constantly .during this break in period.,,It also recommends to do alot of gearing up and down to mat the tranny,,also by doing this,,you will be automaticaly be moveing the rpms' around,,,,,,keep us posted,,Pm me if you want,,Im sure other members will chime in to help,,,lets hope its a dead plug,,,,,I had a plug die at 4000 miles on my busa[bought the bike new]...P.s,,,,,,is the bike missing .fluttering going down the road,,or does it feel like all 4 cyl are fireing?? does it smoke going down the road,or when you just rev it up at a stand still ??