It could be a dirty prop or over propped situation but if
cleaning the prop doesn't fix the problem have a
diesel shop clean and calibrate your injector(s). White smoke is generally unburnt
fuel or
water in the combustion gases. Black smoke is generally when your
engine is overloaded. However because you can't get anywhere near your high
rpm when in gear it could just be a dirty prop. If you put your hand in front of the
exhaust outlet when running hard does it smell like
diesel fuel afterwards? That is one indication of unburned fuel.