Dark Smoke out of Exhaust

I was driving like normal and after turning and stepping on the gas, I looked back and notice that i had just created a very large smoke cloud to the point that people behind me had to stop because they could not see. I immediately stop to check what was wrong and my car was still smoking, but it sounded just fine. I waited a couple of minutes looked around the engine nothing smelled wrong other than the blueish smoke coming out of the exhaust. After like 10 min I started the car and the smoke was less, so I drove the extra 1/2 a mile home and parked it the car had stopped smoking by the time i made it home.

I pulled the spark plugs and they look carbon covered but dry (not oil wet), so I opened the oil service cap and smelled to see if I could smell gas or something and to take a look at the oil (hopping not to see that there was gas in the oil) and encounter myself with another situation. I found some very small chips in the oil cap. The car is a 2007 530I with 78,000 miles. I was not expecting to have problems with the engine this soon.

What do you think this is?

Things to check: CCV and Oil Separator, I had similar situation on my previous 530 (which is part of the reason I have a 550 now) - it was running REALLY rough at idle, died on me a few times. I looked and the oil separator was cracked in half, replaced it and it ran like new for about 10 days. Then when I accelerated from a stop (like in traffic on the freeway) it would billow out huge clouds of smoke, but not all the time, very intermittent - the last week I owned the car it did it 3 times in 300 miles. Mechanic thought it might be valve seals ($6000 repair), sorry bud, I don't have better news for you.