I just finished changing my timing belt because it let go last week. I put in the belt and took my car out for a ride and was running a little rough, i did my timing and put it on 10 degres and now when i rev it past 5000rpm's it smokes like crazy! i did a compression test: #1 cylinder has 140psi, #2cylinder has 140psi, #3 cylinder has 220psi and the #4 cylinder has 140psi. It seems like the 3rd sylinder has alot of oil and its bringing up the compression but what can it be??
i was thinking maybe a bent valve from the piston hiting the valve, broken valve seal or piston oil ring let go. SOMETIMES I could rev it up to 6000rpm's and no smoke will ome out. What you guys think??????

The car is a 1987 toyota celica, Twin cam 2.0L. the engine is stock.