Sounds like you are describing two different problems. Smoke out the tailpipe indicates something going on in the combustion chamber... like oil leaking past the valve guide seals. Smoke out the oil inlet is indicative of blow-by which would be caused by rings or cylinder issues.
You didn't say if the smoke out the tailpipe stops after warm up. If it does then I would definitely suspect valve guide seals or head issues. If it doesn't then look for some way oil is getting into the combustion chamber. bTw... you didn't say what color the smoke is or if you were loosing coolant.
I don't know if your engine uses a PCV (positive crankcase ventilation) or a road draft tube. If there is a PCV then check that first.
You didn't say how much oil was under the engine. I have a V1902 Kubota and if I looked under my engine and didn't see a little oil... I'd wonder if I was out of oil.