2003 polaris preditor 500 engine smokes and burns oil. compression is 135 and engine still runs strong. What do you think is the problem

Anything around 100 would be acceptable. 85 is about the minimum that an engine will run on.

Do a compression test to find the reason. Worn rings, worn valve guides, or bad valve stem seals are most likely cause.
A compression test tells you a lot about the internal condition. Cylinders should be closely balanced. Low compression in one or any cylinders should be tested further to indicate where power is lost. Then you do a wet compression test: put about a tablespoon of oil in the cylinder and check compression again. The oil will temporarily seal the rings from losing compression. If the low compression improves noticeably, it tells you the piston rings are worn too bad. If compression doesn't improve, it is a valve problem-worn valve guides, or valve stem seals.
One remedy you could try, since it runs well and doesn't smoke, is to change brands to a better quality oil, and a higher viscosity, like if you are using 5W30, move up to 10W40, or 15W40. The oil sold as for higher mileage engines will have additives to try and help with oil consumption. It often helps, not always.
You probably won't see the tell-tale bluish smoke from the exhaust indicating oil burning, until oil consumption is very high-like about 1 quart every 300 -500 miles. A quart every 1,000 miles is a concern, but many manufacturers will call that "normal", especially if still under warranty, pretty shady, but that's the facts.

Has the oil been changed lately? A lot of times over filling the oil will cause oil to blow back thru the carburetor, Also if the air filter got caked with mud running the box with no lid or allot of dirt in the filter. The engine will try to use the crankcase breather hose as an air intake since not enough air was coming in the conventional way, therefore sucking in oil. Has it smoked at all? Sometimes if you try to shut it off oil will run back down the intake tubes into the air box. This may be applicable to your engine that the breather is being used to **** oil into the box due to lack of fresh air intake.
The other possibilities would be crank case pressure pushing the oil in (piston ring blow by), but that should (theoretically) result in low compression (since the cylinder pressure is getting to the crankcase instead of staying in the cylinder), the oil is overfull and being pushed out since air will compress but liquid will not, or poor crank case ventilation system design (but if that were the case likely there would be a recall as that would directly effect emissions which is federally regulated).

compression rings sound gone letting fuel into crankcase and filling up oil level, check compression and oil level

having same prob with my preditor 500 any advice

if its a black smoke its running rich. check your air filter and air tube for clogs. something may have made a nest in there.

Try to adjust the play in the cable at the clutch perch, leaving play in the cable. If that is ok, then check the push rod adjustment if it has one. Bottom out the push rod screw and thebn back it off 1/4- 1/2 turn out. Chaz Moto DC

i have an 03 preditor 500 and i just came across the same problem. with the oil in the case the battery still had a charge but wouldnt turn the motor over just a click. i dont know what or why but if u figure it out please let me know.

W40

Blue smoke means oil is burning. The most likely reason is oil is getting past your piston rings because of wear. Run a compression check. If it is less than 150 psi it is time for a rebuild. It may run for a while burning oil and you will want to replace most of the parts anyway so it probably won't cost you much more money to keep running it until it dies. Just keep a close watch on your oil, if you run it out of oil it won't run for more than a few minutes.