it sounds like your timing is retarded. anything from a restriction or bad lift pump going to the pump to a weak inj. pump could cause this. i wouldnt think it is the head gasket. check your fuel pressure on the supply side

My truck started doing this after it set for a couple months. Hoping it is water, any one know if lift pumps or objectors pumps like to go out from sitting ?

White smoke is coolant. The reason tractor pulls blow out white smoke is from using water injection. I feel It couldn't be lift or injector pump because they are seperate parts from the block and do not have any connection to the coolant system. Since the truck has been sitting, I would take off the rocker box covers and pressure the cooling system and check for leaks.

white smoke is unburnt fuel. There would have to be a lot of coolant going into your cylinders to turn it white

All you need is a little bit of coolant in your cylinder to make white smoke. Black smoke is unburned fuel. If you push your fuel peddle to the floor you get black smoke, thats unburned fuel.

Ahh, many theories here, Black smoke is from partially burnt fuel not unburnt.
White is usually a miss firing injector, the fuel is not being burnt at all. Did not see where the person resides, common problem on start up in colder climates.
Miss firing can be cold ambient temperature,bad injector or pump and/or timing.
Does it clear up when the engine warms up?
Did it start doing this suddenly or get worse over time?

Black poorly burnt fuel. White is unburnt. Knock the tip off an injector and see what color smoke you get, white. The black is just carbon soot because the fuel is not being totally oxidized when burnt. Just like when you fire up a torch before you put the oxygen to it.

check your antifreeze level