300SE apart for 2 years.. FULL RESTO..white smoke and clear water from the tailpipe

[ken_xman]

My 300SE, as some of you know, has been completely restored over the past 2 years. Head off, machined, new cams, rockers, gasket, valve guides and seals and everything associated.
I also replaced everything in the suspension, steering, full disassemble, paint job w/ color change, new interior, sound system, refinished wood, ect...

I haven't started the motor in 6 months, fired right up.
BUT .... I HAVE LOTS OF WHITE SMOKE FROM THE TAILPIPE AND CLEAR WATER DRIP.

Now its has a 1/2 tank of fuel, with stabilizer in it , and a big bottle of techron dumped in a couple months ago. Everything in my mechanical knowledge tells me its just WATER from condensation and it will burn off.

I am thinking also water in the fuel from sitting. It been in the heated garage, except for wetsanding and buffing the body outside on a few pretty cold days, could have formed condensation.

The tailpipe drip, as collected in a clear plastic cup, is perfectly clear.
If it was antifreeze getting by head gasket...ALL NEW.. wouldn't it be discolored? Exhaust smells normal too.

WHAT do you think?