According to CarThrottle, you aren't creating 'smoke' when you are doing a burnout or a long drift. So, what are you creating then? Before we reveal what the answer is, do you know that if you do set a tyre on fire, the smoke produced is black in colour actually. So, why is the 'smoke' created white then?
That's because the friction between the spinning tyre and the tarmac superheats the rubber to as much as 400 degrees (though this does depend on the length of the burnout) which in turn melts the rubber tread, vapourising the chemicals and oil within it, sending these molecules into the air. The vapourised molecules then cool quickly and condense in the air, becoming the visible white ‘smoke’ you see. Calling it 'steam' rather than 'smoke' might be a more accurate term actually.
So now you know, the white 'smoke' is actually a by product made up billions of vapourised molecules that come from a tyre’s rubber, oil and chemical makeup.