I just bought a 533i and when i started it up after the hour drive home a cloud of white smoke came out of the tail pipe. their is still smoke coming out of the tail pipe. i have checked my colant and their doesn't apear to be oil in it or the other way around. Performed a compresion test all 6 cylinders where all at 120 psi. when i first start it up their isn't too much smoke but after 30 seconds their is smoke. while i was performing the compresion test i found oil in the intake tubing i was wandering if this was normal because it apears to be just a vent from the valve cover but still not sure if this is a good sign.
thanks

You probably are seeing steam, not smoke. Look at the spark plugs - is one conspicuously cleaner than the others? If so, you've found your head gasket leak. Failing that, do a leak-down test.

There isn't really anything other than coolant that could be causing persistent white "smoke" from the exhaust. On cars with vacuum brake boosters, bad m/c seals can cause the booster to fill with brake fluid, which burns off with white smoke, but your car has a hydraulic booster.

Oil in the intake is fairly common, due to the crankcase ventilation arrangement.