Did a 625 mile trip this weekend, leaving at 3am Saturday. The first time I pulled into a rest stop at 5am I smelled oil smoke. I had been running 80mph for about 1.5 hours.

Raising the hood the smell became much stronger. The dipstick showed full.

The next stop to fill up and being daylight, when I opened the hood I saw light smoke from over the turbo. Looking under the car there was oil running down and dripping from the cat. About one drop every 5 seconds on the pavement. The dipstick still showed full. Ok. Pray it's nothing more serious than the oil return line 0-ring and gasket.

Three hours later, at my destination, the dipstick showed about an 1/8" drop and no visible leaks under the car. Topped it up and made it home fine, no more leaks or smoke.

Today I'm buying the parts suggested by Bay 13 (Thanks, whoever you are) and fix this, or at least eliminate this possibility.
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Erwin in Memphis, '95 855t - fast & comfy, '86 Guzzi LeMans - fast & loud, '76 Montesa 348 Cota - slow.