My bike did the same thing when I was riding in the rain and it was just the water and oil from the ground spraying on the headers. It was smoking from the front while I was sitting at lights. The next day it smelled a bit and smoked a bit but as I drove it went away. So thats my guess.

 

ok, today i took time out to figure out why my low beam has been out, ive been riding around with jus my high beam, but ive noticed the low beam kicks in @ times. Well i found my problem and maybe the smell aswell: Notice on the picture the crack on the light bulb and the melting on the plastic of the headlight socket which i know have to order from the dealer. I guess i blame it on the aftermarket lightbulb i bought from eBay shipped str8 from china.

 

Nice find guys. I Still got my smell issue, so I gotta definitely look into it sometime tomorrow, and see what's making my bike smell like burnt **** as well.