Are you sure its not coming from your headers right below your rad and steaming through it?
I thought the identical thing that it was my rad till someone here mentioned it was most likely just road grime and oil on my headers.

 

Whenever I've had a leak in a rad, I have had drips of liquid rather than steam. My F4i rad was holed and it did not steam, it had a small jet of hot coolant spraying out of the hole. Only ever seen steam coming from the bike when rain water has been boiling off the pipes/rad/engine, I have been through deep water and water has hit the hot bits or on the very rare occasion that I wash the bike. The smell could be a lot of things, you are near the downpipes, near the oil cooler/filter and it could be roasted insects/grime/dead pigeons toasting on your rad.



P.S. I know about superheating, pressurised coolant systems and latent heat before someone attempts to "educate" me.