Fran, the white smoke in water present in the combustion, this has regularly threatens a failure in the button of the butt, in your case with independent cylinder heads is only because of the piston you mention, the lack of Fuersa in the exhaust tells you that the compression of that cylinder is low and this is for the same reason the packaging, now it is difficult for the water to get through the cooling conduits of the cooling. There is so much the precion that exists in that system as to try a cracks of mesclar water and fuel, and if for any reason this happens a good welder or ass is capable of solder and repair, but your problem is the packaging, if you want a real test that srtifies this problem you should only measure the compression of the cylinders and now, you can also check the oil in search of Emulcion. High power motorcycles is not very noticeable. Czech this and let us know to help you.