I suppose it could be argued that regular oil also produces white/grey smoke when it burns........Now that I've had the cataracts removed in one eye I can clearly see that my color perception was wrong.
Stove, I popped a leak in the vacuum modulator diaphragm in my ol' '64 Fairlane. Flooring the motor prduced huge clouds of pure white smoke. And knocking....God, did that stuff preignite!
Caddyman is right. Find out which fluid is being used up prematurely and it'll point to the source of your problem.