I had a problem with whitish smoke that might be water vapor. In my case, there was enough vapor to form a small puddle under the tail pipe. The exhaust smell was so bad all the neighbors on the adjoining properties would go inside when I'd let the car warm up. The puddle, though, smelled like water-not gas. I used a DVM on the back of the O2 sensor connector in the engine compartment to watch the a/f ratio. The DME would bring it up to .700 to .760, hold it steady for a second or two, and slowly drop it into the .600's before it went completely erratic. Then, the cycle would continue again.
Ultimately, the problem was with the AFM. The resistance sent to the DME no longer correlated with the opening of the vane sensor, so the DME had no idea how much air was coming in. I believe the vapor out the exhaust was caused by the engine running rich. Most likely, the cat was converting the excess hydrocarbons into water and CO2. Anyway, I replaced the AFM and the problem you described stopped.