How to stop engine from smoking?

I have a 64 willys with a four cylinder that starts and runs great but it smokes like a chimney. The compression numbers are very close (within 15psi) to the specified pressure. I cant figure out what would make it smoke so much. Please help.

valve stem seals dude

with compression being so close that pretty much rules out piston rings is it oil smoke or is it coolant smoke, i don't know much about willys, if its oil smoke then check into valve stem seal, thats what i would do anyway