I use a synthetic oil in my PWC that smokes something terrible, and smells bad too. The good part is that it's biodegradable and the engine loves it. The non-variable oil injection is to blame for the heavy smoke.
The weird thing is that synthetic oil in a car will burn much clearer than petroleum based.
I'd make sure your premix is accurate and your running the right ratio. If you are, then try some other brands.

If your carb settings are too fat that will cause a lot of smoke as well.