I have a 1999 F150 with a 5.4 got 175k miles, I recently started noticing it smells like spilled oil burning off the manifold and I get white smoke coming from the passenger side of the engine compartment after the truck has been shut off (only when shut off, not while running). Then tonight I noticed a little bit of moisture on the tip of the tailpipe along with some white smoke there. I hate to think the worse and certainly hope it's not a head gasket, but could something else cause this. BTW the oil level and color look good.

 

Ok so I crawled under it a few hours after I got to work this morning to see if I could see anything and I noticed that the starter appeared to covered with fresh oil. checked the oil level before leaving work and it still looked good. watched gauges closely on the way home and everything looked normal. what gives?

 

you need to look further up. Either the oil pan bolts need tightend a turn each, or a pipe plug in the back is leaking, or the head gasket is dripping down.. Look up and see where it is coming from.