Check your coolant level - if your loosing coolant, and it ain't on the floor it's either a head gasket or a slipped sleeve. If it were either of these though, you'd most likely be getting a check engine light with a cylinder code misfire (P1316, P0300). Both head gasket and slipped sleeve are serious problems. A slipped sleeve means you need a new short block (ask me how I know). A head gasket however, is not THAT bad as long as you don't overheat the heads. If you do that, you run the risk of warping the heads and ruining them, as well as warping the block. Aluminum heads and block do not fair well to excessive heat. You should be able to pull each spark plug and inspect it. They should all look black and dirty, this is normal. If any of them look really clean or white - that means they have been getting steam cleaned by coolant in the combustion chamber. This is an easy way to check for both potential problems, and is also very accurate. If you can't do it, any good mechanic can "read your plugs".
Also, have someone stand behind the truck and look at the exhaust pipe - rev the motor - if white smoke comes out, it's a head gasket. Now, it could also be that the "greyish exhaust" you mentioned is not really exhaust, but oil leaking from the valve covers and dripping on the exhaust manifold(s). A buddy of mine had that problem and it was very evident every time he stuck his foot in it - smelled like a good old fashioned b-b-que
I hope for you sake it's a valve cover gasket
Good luck