Yeah, that old chestnut again.
My F-L uses a hell of a lot of oil, and when I start her up five or six feet from our white garage doors they get covered in thousands of tiny black spots from the exhaust.
What does this mean?

 

+1 on that

 

sound like the rings are gone, compression check should be able to verify this.

 

Yep, sounds like the rings are nearly done. Easiest solution. Take head off, remove the pots and rehone, change rings and check valves. You may have to reseat the valves or replace to tighten the head up. Just how many miles have you done? Thats the easy option. The other is a total rebuild, which would be better, so all you need is the time and the money.

 

Before you go ripping the bike apart just check to make sure its not water/condensation mixing with the crap inside ya pipes like packing and/or rotting catalytic converter.

 

It means you should paint your garage doors black or dark blueright now [X(]

Seriously, what is the oil consumption when you use the bike? If it is less than e.g.1 litre on 1000 km's it is just to keep on riding and try to get as many miles as possible out of the engine before renovation. Or trade it in before it begins to blue smoke when warm. If it doesn't consume a lot of oil or you are not driving a lot it may still work for years. In case you drive hard and it takes a lot of oil something must of course be done. A temporay work around may also be to use a 60-oil.

Does it smoke also when warm? In case it has reasonable oil consumption it can just be unburnt fuel and sludge that paints your garage door during firing up.

 

Im with trips on this you sure its not condensation in pipe .If i start my truck in front of garage same thing little black marks everywhere.