white smoke

I have white smoke comming out of my exhaust when I stomp the throttle, no loss of power. The valve train has just been rebuilt 5000 miles ago head gasket new. Any ideas?  

You could be burning oil.  

should i be worried about it  

burning oil? yes, because if you burn all your oil up, then your engine will sieze and you will need a new one. I would take the pistons out to see if any of the rings are broken.  

if it is a piston ring shouldn't I rebuild the short block or could I be ok just replacing the rings if the cylinder walls aren't ate up  

I'd say just the rings but there are semi cheap engines on this website for your cj

http://www.powertrainproducts.net/AMC-258-8790-COMP-ENG-p402.html  

if the engine needs replaced.  

I think I would be looking the valve train and seals over. Bad rings tend to smoke all the time not just WOT while valve guide seal issues tend to smoke when you first get into it and some as you wind it up.  

white smoke tends to be coolant while blueish is oil . i'd keep an eye on the coolant level . you may have a leak into the cyls . possibly a cracked head seeing as the gasket is new , or a cracked block . could also be just a bad head gasket  

While this is true, heavy ring smoke tends to be blue will lighter amount of valve guide smoke tends to be white. The reason for this is that with heavy oil past rings compression is down and so is combustion efficiency and smoke is blue while with guide issues, compression is good and so is combustion efficiency and smoke tends to be white. This is not to say that they may not be having head gasket or cracked head issues but it is not likely a ring issue.  

The smoke does seem to have a blueish tint  

Oil smoke has a distinctive smell and different from antifreeze  

yeah I'm shure its oil burning. I dont seem to be loosing too much oil 1 quart every two week I drive 50 miles a day. you think I should leave it alone or go ahead and rebuild the motor. it leaks a little oil too so all of it is not bieng burned  

What grade/type oil are you using????  

15w40