i also have the same thing(the smoke and the noise). it only happens when it's very cold. after warm up, all the noise is gone. i also dont' know why confused , but i think it's the lifter.

95 Talon Tsi AWD
tokico blue+springs, hks filter, hks sqv bov, 17" with 215-45-17, Blitz 1.3 rad cap, drilled+slotted rotors with PBR metal master, Exedy clutch, Accel 300+
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