just bought a 87 260E..it has 50000 miles on it,verified...car is sweet.it runs quiet and powerfull..if i let it idle for 10 minets then rev it up it smokes oil smoke ''alot of smoke..then it clears .i think valve seals and possible head gasket...what do you think????

 

valve stem oil seals normaly burn oil first thing inthe morning as oil isdripped slowly down the valve into the combustion chamber.
does she have a turbo????? maybe this is the prob or maybe a oil control ring on the piston???? try some oil treatment in it stp

 

blue smoke - valve seals
white cloud (does not go away)- head gasket