What could be causing the SMOKE?

Just purchased a used Lexus ES300 with 1MZ-FE 3.0l 24 valve 6 banger. 83k miles. When I test drove the vehicle, I did not see any smoke from the exhaust but the next morning when I started the car the grayish oily smelling smoke rolled out. It gets better after the car runs awhile until it darn near is non-existent. The engine runs strong and smooth. Not sure how well this car was maintained ( it was a leased vehicle). I'm thinking that maybe it could be valve seals or (*gasp* ) rings, but I'm told by a friend that it could also be sludge build-up. Any help you could provide is greatly appreciated.

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