T509 Engine

Hi all apologies if I'm going over old ground. I had a search through current and past threads and although I found some helpful info I'm looking for either some comfort or confirmation of my fears.
So I got a speed triple t509 delivered this afternoon. I brought it as a project with the understanding that it runs but I'ts rough.
I got over excited and as soon as it was off the trailer I started it up. It immediately died. Tank was empty so I topped up with fresh fuel and tried again. It started but would die unless I held the throttle. It smelt of oil and there was some smoke (maybe blue or white or grey!) I think more blue.
I had to leave the bike for a few hours but went back later and only then came to my senses and checked some things. There is almost no oil in the bike. Took off the oil cap off looked ok but stuck a finger in and a small amount of mayo!
The bikes been standing for a few years. Should I panic and start looking at head gasket and piston seals or just stop panicking and give it the obvious required: oil, filters, fluids etc?
Thanks in advance.

 

Thankfully was cheap, I actually swapped out for another project that was in boxes. So I guess no matter what I'm winning. Cheers for the info.

 

A quick update, I have changed the oil and oil filter. When I drained the old oil I was pleased to see that it didn't resemble chocolate milkshake. In fact it looked fine. When I poured the oil from my drip try into a container the very last bit (about a teaspoon worth) was creamy white.
I started the bike and ran it up to temperature and the smoke was very minimal and soon cleared so I hope that the mayo and smoke on first start up was condensation.