I'm going to explain this in detail so as to make sure I've given all information for you all to help me out 
I've topped up the oil in my S2 today (10w50) and started the engine, let it warm and then took it out for a drive. For the first 15 minutes I let it run up to temperature before booting it, always changing before 3-4,000 rpm. I gave it WOT in second, into third and no pull at all from the turbo.
5 minutes later, I pulled again WOT in second into third and was not giving me much boost and then proceeded to produce clouds of grey smoke out the back (There was a lot for at least a minute!), I pulled to the side up ahead and the smoke started to dissipate slowly.
I decided to head back home and let it drive for a bit, if I don't give it much throttle at all but still enough to pull me along nicely, it runs fine..I gave it WOT once more in 2nd and boosted just fine to 6,500 rpm into third (no longer on WOT) and it started producing clouds of smoke a few seconds later and was a little lumpy for a few seconds then back to normal..
Advice is much appreciated, please help me out!

I've topped up the oil in my S2 today (10w50) and started the engine, let it warm and then took it out for a drive. For the first 15 minutes I let it run up to temperature before booting it, always changing before 3-4,000 rpm. I gave it WOT in second, into third and no pull at all from the turbo.
5 minutes later, I pulled again WOT in second into third and was not giving me much boost and then proceeded to produce clouds of grey smoke out the back (There was a lot for at least a minute!), I pulled to the side up ahead and the smoke started to dissipate slowly.
I decided to head back home and let it drive for a bit, if I don't give it much throttle at all but still enough to pull me along nicely, it runs fine..I gave it WOT once more in 2nd and boosted just fine to 6,500 rpm into third (no longer on WOT) and it started producing clouds of smoke a few seconds later and was a little lumpy for a few seconds then back to normal..
Advice is much appreciated, please help me out!
, also driving along without booting it with about 1/4 -1/2 throttle it boosted ok it seemed. One thing to note is that my intercooler had the typical "pulley marks" on the back of it, could that be a potential cause and it's not holding pressure?

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