3116 WHITE SMOKE ON ACCELERATION

Hi, we have a recently purchased 1991 kodiak bucket truck with a 3116 and it recently it started blowing white on acceleration. Truck starts right up, sounds good, but on acceleration (turning the pto on) the white smoke billows. Has a burnt oil smell to it. Guy we got it from said it had recently been serviced but when we changed the Fuel filters they was in pretty bad shape. I was leaning toward maybe the turbo leaking internally, but wanted to get an expert opinion. thanks

3116 WHITE SMOKE ON ACCELERATION