First, what kind of fluid is it?
Is it water, or is it antifreeze?
Blown head gasket or bad head could be possible, but the only way to know for sure would be to tear it down. The white smoke issue is not the only way to tell and is not always present in such a way you can see.
What kind of driving have you done? Short trips, or more longer trips? Maybe its just condensation dribbling out like the holes in mufflers.