Your engine could be overheating or it could just be normal. These things run between 200 and 300 degrees Farenheit. If it was overheating, it could be running at an even higher temperature.
Now, take that heat and apply some oil or dirt or fuel overspray...and it will tend to smoke. If it is smoking profusely, the heat could be cooking off some protective coating that may have been applied to the cooling head.
Until you know the actual temp of the engine (a temp gun is a great help here), you only have a smoking engine.
The first thing I would do would be to check some of the following:
1. Check to make certain all head bolts are nice and snug for the cooling head. They will tend to loosen on their own after a while just from the vibration of the engine running. A loose head would cause smoke to be forced out from near the base and through the exhaust port.
2. Check to make certain your glo-plug is all the way snug and that the washer (they tend to be slightly concave to one side) is facing the right way...concave side or funneled side going into the hole of the cooling head. If the glo-plug is loose, you can still run the engine, but the performance may not be as sweet and you might get smoke, fuel, and oil forced out around the glo-plug. Now add the nice heat from a running engine...and viola smoke from the head of the engine.
Once you have figured out actual temps when this occurs, you can help us further isolate the problem. Until then, all we can give you are educated guesses.