What color is the smoke?
I am assuming it's smoking out the exhaust, and not anywhere else. and assuming it's an oil based smoke.
How long have you owned it? how far have you drivin it? have you watched the oil level? You say the turbo is new, Can you remove the compressor outlet pipe, or any piping leading to the intake, and exhaust pipe? if you can check to see if there is any oil in the down pipe, and do the same for the compressor side, I don't know what kind of turbo you have, but many that use a Carbon seal on the compressor side, can crack that very easy when installing it. if nothing there, Pull valve covers off Check valve stem seals, perhaps they are missing or just not the correct kind. Personally I am willing to bet Rings are not/have not seated correctly, have you done a compression test? try testing it as is, then pour some oil in there and see if there is much of a rise in pressure. if so, then it's probabily your rings. Try driving it up to about 50mph or so and then drop it into second or "low gear" and let the engine wind down hard. Do this a couple times. "This helps seat the rings if they are not properly seated."
Do you know what kind of pistons/Rings you are using? who did the work on rebuilding it? can you find what kind of ring gap was used?
