By chance was it raining on your way home?
Steam is often mistaken as white smoke. A little bit of water in the system can vaporize and come out the exhaust as steam. If that is what it is, then the question is where is the water coming from?
You said it was air cooled so no cooling system leaks.
On a four cycle engine any water that entered through the carburetor would end up in the cylinder, which would cause very bad things to happen because water doesn't compress. It doesn't take much to get a "hydrolock"
On a two stroke, anything that enters the carburetor has to first pass through the crankcase. It is intended that the oil that is mixed with the gas will settle out of the gas and lubricate the crank. If there was water that entered it could settle in the crank case as well. It is possible that during your mud rides you sucked up some water and there is a fair amount in the crankcase, and now it is slowly turning into vapor, getting drawn into the cylinder, flashed to steam and blown out.
It is also possible that the exhaust pipe filled with water and the hot exhaust is turning it to steam and blowing it out.
Either way, the problem should correct itself fairly quickly IF it is steam and not some other form of smoke.
I would be a little worried about what water in the crank might have done to the bearings and such, however. Water in the pipe would not be any worry at all.