Crap...need some help on what is causing this?

[jdean]

So after 4-5 weeks I finally take the Cobra out for a cruise. It seemed to be running real well last time out. Today I drove for about 20 miles down the highway, then exited and took off down a country road with no traffic in sight. I hit the gas moderately hard once and noticed oily fumes, white-ish blue, coming from the engine compartment. Pulled over, then I looked under the hood with it idling, then manually popped the gas a few times and saw a LOT of light colored blow by come out the valve cover vent with a bit of a pulsation to the flow.

Headed back home and noticed when I gave it enough gas to pass a car, the light colored oily smoke came on strong again. Side pipes were clear and no smoke coming out of those. This symptom came on suddenly...any ideas?

I pulled all the plugs to inspect. Below are the pics of the lightest and darkest of the eight plugs. I expected to see at least one black and tarred up, but not the case.