Help reading compression tests

Hi, smoky exhaust here!
Ok, ran bike let it cool about one hour so motor was just warm
compression test both side showed about 85psi after 6 good kicks
Then, put one teaspoon of motor oil in each spark plug hole and kicked again, this brought psi up right under 120
Does this mean I need new rings, or could it mean anything else?
thanks for comments
overbored by 20th with new hepolites and rings about 12 years ago, maybe 15,000 since then, everything going to hell?

Sounds a bit low. Were you holding the throttle wide open for the test?

NO NO NO

I FORGOT to hold the throttle open, it was CLOSED when I did the tests
How does this effect my results? What difference would it have made if I had had the throttle open? higher, lower readings?
Please don't make me drive the 60 mile round trip to borrow the compression tester again !
HELP ---- can I just live with this "condition" or would pulling the head off and the cyclinders and re rings, etc,. make a significant difference?
No smoke at start up and idle, no smoke at 2500rpm, but pretty good white smoke out left pipe, used to be right pipe, when revved up to 4000
in a quick burst after startup, all while still in garage. Smoke goes away within a minute of getting underway, but then I can't see behind me!
I suppose it DOES burn some oil, but I can't really tell I only put on some 700 miles a year in 30 rides.
Crap, I hate the thought of pulling everything off, the expense, the agony of quality garage time, the joys of wondering waiting and the hassle of it all.....

Compression readings would be significantly higher with the throttle open. Hard to guess what is causing the smoke. Common problems would be too much oil in the crankcase due to worn oil pump. Bad valve stem seals [they are old enought to be petrified by now] Guide loose in head or crack in head next to guide if it's an rh4 head. Blocked crankcase vent or oil tank vent. Rings shouldn't really be worn out in that milage unless there was something else that caused damage. [like overheating, preignition, or pinging or metal or dirt in the oil] My long distance guess would be valve guide or seal problem.

I only put on some 700 miles a year in 30 rides.

What's the colour of the oil ? Is it clear or milky ? If you make only short trips, there could be a lot of condensation in the engine, causing white smoke.

One other thing I just thought of that will cause lots of light colored smoke and that is oil that is contaminated with gasoline from a leaky petcock. If you haven't changed the oil I would give that a try and see if it cures it. Jim