When does it puff oil smoke from Cold/hot ? if the Turbo is New then I would say this can be ruled out. The other Two things it can be (like Shaun said) Valve stem oil seals or valves Guides probably Exhaust side as they wear. Or Oil rings are worn which may Not show up on a Compression test. If its from Cold I would bet on Valve Guides or stem seals as oil could leak down them overnight and are burnt off when the engines started.
