As I read the symptoms, they are:
Compression test ok
oil leaking out the exhaust
visible smoke from exhaust
one plug wet with oil
new engine
I'd start by checking the to make sure the valve stem seals on that cylinder were properly installed. If you verify the seals as ok, then, check for an oil leak from the valley into the intake port for that cylinder. If that's not it, considering the quantity of oil is enough to leak out the exhast, I'd be looking at either a broken or improperly installed oil ring on that cylinder.
I noted mention of chrome rings--they're highly unusual these days, especially on street cars. They are not desireable becaue of an inordinately long time required for ring seating. Typically, you don't see chrome rings in high-performance applications other than those that involve significant amounts of dirt and dust in the engine.