it does this when its cold? the engine i mean. If it does it when you first start her up, its probably just condensation in the exhaust and no biggie.
if it stays like that for a long time once it reaches operating tempature then you could have a small leak. not big enough to where the water is mixing with the oil. could be leaking slightly into the piston area ad just getting burned off. Also check your plugs to see if you have any wetness on them, as far as coolant goes. My 85 supra has water on a couple plugs, gonna have to change the HG.
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