if it was sunk, it take more than 2 time to get all the water and trash out. It can take up to 5 times or even more depending on how bad it was. What does the new oil look like?
My rings are fine it don't do it anymore. I think it was just cold enough to make it look like it was smoking.the rings are burned, you prob have to replace them, but maybe you dont have to bore it.