There are two oil seals, keeping oil from escaping from the bearing - one on the intake side and one on the exhaust side.
If the exhaust side oil seal fails then oil will leak into the exhaust system, where it may burn if the exhaust temperature is high enough, or may not. This can lead to different smoke colours, depending on if, or how much, the oil is burnt.
If the intake side oil seal fails then oil will leak into the intake system, where it will be drawn into the engine, and will be burnt along with the fuel, creating blue smoke.