Blue smoke means oil consumption. There are two major ways your ST will consume oil through the combustion chamber - rings and valve guides. In your case you can just bet that the water caused one or more rings to become stuck to its piston. They are prone to water corrosion (iron against aluminum). So, you either need to try and free it up, or take it apart and renew the rings. Do a full decarb job while you are at it if you have to do the latter. You might try some solvent soaks to accomplish the former. Water is actually the universal solvent even though it caused the initial problem. If your unit will still load up and get hot, you might try a water mist through the inlet port while it is hot and working hard. At the least this will clear any carbon deposits from the combustion chamber. Any number of other petrochemical soaks might also have some effect of loosening the corrosion and rust. Many of them have been mentioned in other threads here. Most recently - Acetone and Automatic Transmission Fluid.
dieselgman