two things to check, wont say why i know. the check valve for the oil return to the reservoir is most likely not operating correctly. yes you have to take the turbo assembly out, but once you get it out it's an easy but mildly time consuming fix. just had mine fixed so i can't talk you through a whole lot on how to do it, but from what i remember it just had to be filed down mildly and i was good to go. from what i understand once in a while the manufacturer of the turbo (NOT SILBER) has a bur or something that makes the check valve stay opened or closed. get a hold of Jim at Silber, his number is on the website under the contact tab, he'll take the time to listen and help you until you're back on the mtn. any other questions pm me and i'll do what i can to help.
oh yeah, the other thing, don't know if it can cause the smoke, but check the drain tube from the bottom of the turbo to the reservoir, and the top braided oil line going into the top of the turbo. If you installed this yourself the male to male fitting from the braided line to the turbo is not tightened all the way into the turbo housing and needs to be tightened before the braided oil line is attached to it.