small engine question - briggs and stratton 16hp

[Mike-]

I've got a tow behind lawn mower powered by a vanguard v16 and its started blowing a lot of white smoke.

there is some oil coming out of the exhaust also.

i tested the compression and it's reading 110psi.

any ideas what would be wrong with it? im thinking head gasket or rings

[Quint]

got one that does that.

i find, if i do nothing, it seems to be okay