KelvinKDX - my friendly neighborhood know-it-all thinks its the same thing as you. He knows that I am terrible slow and rarely get on the pipe. His theory was pratically identical as yours and for the same reasons. Maybe y'all are onto something? And yes, the sandy hill was extremely atypical.
After listening to what people have said and thinking about it for a while, this is what I have come up with. If it was steam coming out of the pipe then I would think that it's a head gasket. If it was smoke coming out of the pipe, I think Kelvins idea make perfect sense. The question is...was it steam or was it smoke?
I think that it would be pretty easy to tell the difference by the way it dissipates. Apparently, its not that easy. None of the guys I was riding with would commit one way or the other.
This is what I am going to do. Since pulling the head off, although it sounds fun, is not something I feel I'm prepared to do, I am going to continue to ride it as is, keeping an eye on the coolant and the gear oil. If things seem to be OK I'm not going to mess with it. If the problem persists I'll pull of the head off and replace the gasket.
CC - running an 8 plug BTW.
Thanks to everyone for helping out,
Chuck