I had the same exact problem. It was the oil separator for me. Don't drive it until you figure it out or you can cause permanent damage.
It's an easy repair that took about 1 1/2 hours from the top, no need to lift it. I bought the part from Sunset Porsche and it was here in a few days for 1/2 what my local dealer sells it for. All you need is a 10mm rachet, a flathead screwdriver and some pliers for the hose spring clamp. You should also get a stainless screw-down clamp to replace the spring clamp that comes with the new oil separator. There is a TSB that says the spring type clamps can leak over time.
From what I understand, the oil separator has a rubber diaphram in it that can develop a slit. That slit allows oil to get into the air intake. The oil collects after you turn the engine off and burns off at start up. It's intermittent at first and then suddenly you get a cloud that covers the whole car at every start up and you can see smoke coming from the tail pipe as it idles.
It's a relatively cheap (<$100) fix as a starter and one that has been shown to be the problem many times in the past. Let me know if you need any other help with replacing it.
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1987 928S4 Silver Metallic (980)/Navy (TP) 5-Speed
2000 Boxster Speed Yellow/Black 5-Speed
1966 Wife White/Brown Top
1986 Daughter White/Brown Top (Sold!)
1992 Daughter White/Blonde Top
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