that looks like a little too much white smoke to me.. I'd say water is getting into the combustion system on that side. my advise would be to do a leak down test first. check the water for oil and bubbles (sniffer test). do a compression test on the cylinders, all of them to get a good comparison.
worst case scenarios I would say blown head gasket, or there is some way water could be getting in to the exhaust through the turbo.