I have a 1999 tourer when I first start the bike in the morning I'm getting white smoke out the tail pipe. it's not a thick white smoke but it noticable and it continues until it warms up. It is smoke it's not condensation. Once the initial start up it doesn't do it again the rest of the day. I have just over 37,000 miles and it runs fine. My oil level as well as anti feeze level never changes.
I'm on my 2nd Valk and they've both done that. I bought my '03 brand new and
it "puffed" a little white smoke at start up from the day I took it home until the
day it went to Motorcycle Heaven. She had 38,000 miles when she died. My '98
does it also. Nothing to worry about unless it starts to get considerabl worse, IMHO.