could be a number of things. need alittle more info. How many miles on the bike? If it has high miles could be time for a top end rebuild, they don't last forever. Have you done a compression test on it.
has the bike ever been swamped? if so this is not good, to be done right the hole motor will need to be torn down and cleaned out.
7000 miles is alot, but I have seen them go over 10,000. Just depends on how hard the bike has been pushed. sounds like a top end rebuild to me. If the smoke doesn't bother you, run it alittle longer.
You are looking at about $250 in parts to rebuild the top end. This includes a piston kit (you choice, factory or aftermarket) top end gasket kit and a bore job. This price does not include labor.
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