<VV> Smoking engine

[Robert Paul]

Hi folks just want to get a quick opinion.  Just took my Corvair out for drive on a sunny day.  I am still breaking in a re-built engine ( about 700miles)  The right side has had a little smoke from time to time on a cold start, I put that down to running a little rich.  The engine runs quiet and very smooth.  I head a loud cough and I saw a large cloud of blue smoke behine me.  The engine made no more sound, still runs smooth and good eceleration but it is blowing smoke out the right side.  Is it rings? Valve?  Any guess?  Thanks a bunch.  Robert Paul