S60 I need help troubleshooting a smoking exhaust

[S60 Blues]

My wife drives a 2001 S60, about 60,000 miles, that started pumping smoke out of the exhaust yesterday. So today was my fist chance to look it over. I first checked the fluids, oil was a bit low and the coolant seemed to be ok. Hooked up my code reader and no codes were showing and no warnings on the display. I started it, ran it for a couple of minutes and it didn't smoke. Ten minutes later I started it again and it billowed smoke as I hit the throttle and also smoked at idle.
I having trouble distinguishing the color and smell. The smoke is a light grey more white really, and it appears a little thicker than steam. It didn't smell like oil but I couldn't really say it smelled like coolant although it was a bit sweet.
So I suspect a head gasket even though it has never overheated.
I need help pinpointing the problem. What else should I be looking at???? thanks in advance.

[binglax09]

Lot's of condensation in the exhaust is my bet. It's rare to have a head gasket fail on these engines.

[S60 Blues]

Condensation in the exhaust? Sounds a lot cheeper than a blown head gasket. What would lead to the condensation? I assume a vehicle that was not thoroughly warm would exhibit some symptoms. We have a mild climate, it was in the 50's yesterday and I certainly didn't run it long enough to get it throughly warm.
FYI, it was pumping out a cloud of vapor when the motor was reved.

I looked through some forms and will perform the following checks today:
Drain off some oil in the pan to look for water
Pull the plugs and inspect, also attempt to look for clean pistons.
Perform a coolant pressure test providing I can rent or make a tester.

[George]

Hello S60 Blues, 8 months ago you posted a smoke or steam problem with your wife's car. What was the outcome? My V70 is doing the same thing. Thanks, George