agreed. i work in the diesel industry and they smoke like no other when a turbo/cracked head/valve stem seals fail, youll def get that cloud of smoke creep up on you at stops...if the smoke is thick enough that you can see for a few seconds its usually oil.
like the #2 post says, pop off your intercooler pipe and check for oil to diagnose a bad turbo compressor seal (this is somewhat serious because if you buildup enough oil in the intercooler and then boost it hard one time, all that oil goes in at once...i think you can figure the rest out)
please note that there will almost always be a little oily residue in an IC pipe, but look at the lower/lowest point for a pool of oil, if so, take the intercooler off and hang it upsidown if you have to, to be certain.
if all of that is mostly dry,
disconnect the exhaust down pipe from the turbo after a short boost run, inspect the blades and note the soot buildup...is it dry or is it more caked up and moist?
also note, just because oil is AFTER the turbo, it doesnt pin point the turbo as being bad, you must also remove the turbo from the header to be sure its not a cracked head/valve stem seal or some other freak problem.
either way if you know youre burning/losing a significant amount of oil then you can go from there.
there could be some scenarios where the intake charge is just too hot and/or your running real rich at the moment.
im sure theres plenty more directions that this could go but these are the top few things i can think of