Is there any chance of a photo of the steam/smoke?
Does the steam/smoke smell?
Does it feel damp if you hold your hand in it?
Is it constant or intermittent?
Does it come on all of a sudden like turning on a switch or is it gradual?
Are there any signs of oil loss?
Lots of questions I know, sorry.
As the guys above have already said, try draining your fuel tank and running fresh fuel, also check that your airbox is not full of water.
Drain the float bowl on your carb too, may be a little water in there if your tank has water in.
On another note, you could remove your exhaust and hang it above the BBQ for an hour to dry out thoroughly. If it's soaked through it may take a while to dry out when running your engine.
98 300 Fourtrax 4x4
Custom built mud bike - Now sold.
2004 Foreman 450S
Fully overhauled (nut & bolt rebuild), 2 lift kit, 28 mega mayhems, ITP delta rims, ES floorboards, 22 LED lightbar, Pyle Bluetooth sound system.