Is your bike liquid cooled? If so then the white smoke is probably an indication that the head gasket is blown & coolant is getting into the engine. It would also stop the bike revving out.
Have a look at the tank where you put the coolant in, to see if the level has dropped. If the level is low then that's the problem. I would also advise you to not to drive the bike & get it fixed.
Steo
November 2009