'04 RSVR white smoke on start

So the story is I picked up my bike during lunch today and it started fine. Rode over to the dry cleaners to drop off a uniform and parked like normal. When I returned to my bike, everything was normal until I hit the ignition. The dash went through the start-up sequence as normal; however as soon as it the engine turned over, *poof, white smoke came up from under the dash. I immediately turned the key to off and got off the bike. I took off the left side fairing and found oil (at least I'm fairly certain it is) along the side of the engine. Mostly on the surfaces that are facing up.

Bike info: 2004 RSVR; approx. 4900 miles; did oil change at approx 3100 miles; no mods other than Renthal grips; was working perfectly fine from the day I bought it till now.

Currently it is at a local bike shop. When the key is turned to the "ON" position, the dash goes through the start-up sequence but the engine does not even crank. It's as if pressing you're not even pressing the ignition button. Absolutely nothing happens. I pray it's not something like a blown head gasket or something major. I live on the island of Oahu in Hawaii and there isn't a single shop that has any specialty tools for an Aprilia engine.

I guess I'll have to drop by the bike shop where it's at and see if they found anything. How is it that the dash start-up sequence goes through normally but still not even a crank. Might have to trace the wiring from the ignition switch down. I hope it's just a simple fix, but with my luck, it's gonna cost mad cheddar.

Update: So the shop called today and said it was the immobilizer. They stated that the wires got fried. +1 for theruck! It is indeed electrical, now I just have to find a new one to replace it with. I don't even know what an immobilizer looks like.

Update 2: Shop called again stating that they could get me a new immobilizer, however they asked for a "red tip" key. I looked at both my keys and they don't have any red tip. Supposedly they're used to program the new immobilizer. Anyone have any ideas on this new development?