Smokey when cold

Recent issue when starting, after about 30 seconds or so lots of exhaust smoke, clears after about a mile or so of riding. I suspect worn rings might have something to do with it, compression not great. I'm planning a rebore in a couple of weeks so if thats the reason, it should go away. I'm just hoping it's not the drive side oil seal, but if it was it wouldn't stop smoking once its warm...would it? 
