Make sure that oil pump is working and the bike has the correct oil filter. Break her in like she was new again. I wish I could direct you on which break in style to use.
Lots of opinions out there (almost like an oil thread)
Turbo break in for older bikes 1960-1980's (I used this style on my 70's xl175)
Don't worry about honing the cylinder as it's entirely unnecessary and will in fact hinder the bedding in of the new rings.
Assemble the cylinder & piston dry then button it all up, ensure the timing is dead nutz.
Change the oil (duh) and fire it up, the _instant_ it starts, run the engine up to your normal maximum cruising speed, RPM's_do_not_ vary the engine speed for one full minute, you _MUST_ use a watch with sweep second hand as time will slow down on you, this will be the longest 60 seconds of your life, trust me.
After 60 seconds, shut it off and allow to cool fully (hours) before re-starting and setting idle adjustment as needed.
That's it! you're done and not only no more smoke but higher compression too. enjoy.
Oh, yes, here's the highly technical factory taught way to test for bad piston: Drag your fingernail around the sides, near the wrist pin and if the lines there catch like the grooves on a phonograph record would, it's junk.
break in style
On one hand, if you run the bike too easy, you run the risk of the cylinder walls glazing over and then, maybe, never seating properly. On the other hand, if you run the bike too hard, you run the risk of engine seizure. I suspect, that even if you do glaze the cylinder walls over, if your run the engine hard enough and long enough, the rings will seat. However, this may take a thousand miles, or more, to do.
So what's a biker to do ? Well, a compromise is in order. This is what I do with a freshly rebuilt engine. It will work on new engines too. On a straight, deserted road, I put the bike in second or third gear and accelerate with wide open throttle to about one or two thousand RPM BELOW red line. I then shut the throttle and coast down, in gear, to two thousand RPM or so. I then do it again. I do this about ten times. Then I ride around for a while at an easy pace. I do this several times, if possible. This seats the rings without overheating the engine.
I would continue to do this during the entire break-in period. If you are doing any freeway riding. That is, running long periods of time at a steady throttle setting. I would also add this. Shut the throttle off and then on again, very quickly, every three or four miles. This tends to draw more oil up on the bottom of the piston, lubing and cooling it. On a freshly rebuilt engine, I like to change the oil and filter at about two hundred miles and then every thousand miles thereafter. On a totally new engine, I change the oil and filter at one hundred fifty miles, three hundred miles, six hundred miles and twelve hundred miles. After that, change the oil and filter every one thousand miles.