Yes, if I read your posts correctly, you have no oil in your coolant and you have a considerable external oil leak.

I'd agree with Stevebfl that it appears to be leaking in a sufficient quantity to cover your exhaust manifold / tailpipe with oil, and the oil is being burned off as you drive.

Oil leaks from the head gasket are not uncommon on M103 engines. It sounds like you need a new head gasket. I'd also recommend replacing your valve guides, as the head needs to be removed to replace them. Valve seals should be replaced, too, although the head doesn't need to be removed do seals.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".