Smoke is coming from the left side of the engine
 

There is smoke coming from the left side of the engine on my 760 turbo.
It smells almost like exhaust, and it starts as soon as I turn on the engine.
It had been sitting for a while (8 years) before I got it running again. Any help would be appreciated.
Update: It is also leaking power steering fluid as well. Quite a lot of it in fact.

Thanks,
Jason

re the smoke - try pulling the plugs on that side to see if any are oily. You may have worn valve seals which allow oil to be sucked in when backing off the throttle or you may have a sticky injector leaking gas when the engine is off. on the power steering fluid leak - it could be a hose, the pump or the steering rack seals so you need to clean it all up then determine where the leak is coming from...