Sounds to me like it's only a little bit of condinsation. The water is excess condinsation that pooled up inside the exhaust system and the white smoke is more than likely boiled off condinsation. I say this because you noticed it in the morning and again at night when condinsation is more likely to happen. Check to see of you get any kind of white smoke in the afternoon. Try to see what it smells like as well. If it's a sweet smell, then it's antifreeze. I doubt you have any issues though. <img src="/forums/images/graemlins/cheers.gif" alt="" />

2000 Tacoma SR5 - Bone stock 'cept a little bling.
2000 Tacoma SR5 - Bone stock.