X-5 burning oil and blowing puff of smoke upon acceleration

Hello all...new member here. I have a 2006 X5 (4.4L DOHC) that started burning oil (blue-gray smoke). My X-5 has only 77K miles on it, so it is a relatively young engine. I only burn premium fuel and change the oil regularly. I cannot believe this could be a problem with piston rings or head gasket. I can't see any smoke when driving (although it may be there just can't see it) but if I let the car idle for a few minutes then push the gas it sends up a puff of blue smoke. My X-5 has dual exhaust. Two pipes for the left side and two pipes on the right side. Today I was following my wife who was driving the X-5 and noticed upon acceleration after sitting a traffic light the smoke only came out of the right side tail pipes only and not the left. This must be pointing to something going on with the right bank of cylinders through the right exhaust system. I observed this several times. The car seems to run well and I haven't noticed a loss of power at all. When I get on the highway I give it the gas to see if I can see any smoke through the mirrors but I have not seen any. I could have gone through 3 or more quarts of oil before I knew what was going on. The use of oil came on slowly and it did not seem to be out of line at first. No blue exhaust smoke until later. I have driven my X-5 several thousand miles since the problem first started.
Anyone experience something similar? Any idea what could be going on with just the right side of the engine?

Look into oil separator system.
We have tons of those info over at www.xoutpost.com