Occasional smoke/smell coming from valve cover?!?

Ok, so its been happening on and off for a couple weeks now. Sometimes I'll be ok for days at a time and others it seems to happen every time I slow down or stop.

So, I took it to my buddies shop to get it on a lift and we didn't notice anything "leaking" per say but what I did notice was subtle hints of smoke coming from around the valve cover/oil cap.

What is this? How do I fix it? and is it in emergent need of attention?

Thanks

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Occasional smoke/smell coming from valve cover?!?