'09 E350 4-matic sport, '83 240D 4-speed (sold), '77/'78 450SLC (junked), '81 500SLC (junked)
Change the oil and filter and then report back. I tend to hope it's just condensation in the oil, but it could be a leaking head gasket. A similar thing killed my 78...I let my SL sit for a few months and now whenever I start it up after it sits for a few days, it emits a lot of white smoke from the exhaust. After a few minutes it stops smoking and runs fine. What would cause this?
Smoking on startup could also be valve stem seals, but that's typically a greyer smoke...