"My question is; If i lean the oil/fuel ratio, will it help."
If you mean putting less oil into the gas, the answer is no. Most likely, that will have the opposite effect, causing you to run richer, with even more smoke and spooge.
I know that this may seem counter-intuitive, because the smoke and spooge you see are presumably caused by the oil in the gas. Here is the reason why trying to correct that problem by playing with your ratio doesn't work:
By decreasing the amount of oil going into the gasoline, you are in effect increasing the amount of gasoline in the mixture. That will make your bike run richer, which will make your problem even worse.
The reason why your bike smokes and spooges is not because there is too much oil in the gasoline. The reason is because there is too much gasoline for the amount of air the bike is taking in. In other words, it is too rich. The excess gasoline cools the combustion chamber. As a result, the combustion chamber does not get hot enough to burn off the oil. On the other side of the equation, if the bike is not getting enough fuel for the amount of air that is coming in (a lean condition), the temperature of the combustion chamber, most notably the piston, rises to dangerous levels. That is why excessive leanness will cause a bike to seize, while excessive richness generally will not.
When the bike is too rich, and the combustion chamber consequently is too cool, the visible result is smoke and spooge. The performance result is that because your bike is not mixing air and fuel together in an optimum ratio, performance suffers.
In short- don't try to correct a smoking and spooging problem by reducing the amount of oil you mix into the gas. Your problem is almost certainly a jetting problem, with the bike being jetted too rich somewhere- pilot, needle, or main jet, or all three. There are some excellent jetting links on this site. Do a search and get the bike jetted right.