If you're getting white smoke, you're not burning oil. Oil burns with a blueish tint. At around 7,500 miles, the rings shouldn't even be anywhere near bad condition to allow oil to pass. It is possible that maybe the oil control rings on the pistons broke, but highly unlikely.
As Ngyun said, pull the fairings off of the bike, but start the bike up and let it idle. If there is an oil leak, you should be able to find it. My guess is either your drain bolt is loose, there's a small hole in the filter, or a leak somewhere else around the pan area. By any chance have you done an oil change and removed the oil filter by stabbing a screw driver through it? You might have nicked the oil cooler if you did and it could be leaking.
Don't run the bike with less oil either. If you've been doing that for a while, and it was like that from the previous owner, the rings may be damaged/worn out and letting oil pass the piston, but as I said before, it'd be blue smoke.