Oil smells like gas on 1982 honda magna?

I have a 1982 honda magna. It smokes gray, more so when I take off or give it gas. I went to check the oil and it was low. when I opened the cap to fill it, it smelled like gas. I was wondering if gas getting in my oil could be causing the smoke and if so would it also thin out the oil and cause it to burn faster? What could be the causes of this?