Without seeming rude, as you seem to know your way around a chain saw, have you checked the chain is fitted the right way round?
I fitted a new one to my Oregon saw last week and within a short while it was smoking after cutting through a number of small bush stumps. Turns out I had put the previous chain on backwards, use it a couple of times then put it away for the winter. As a consequence, when I started to use, it I thought it had gone blunt so fitted the new chain the same way. This started smoking after a short while also. Felt a right idiot when I discovered my mistake.
I fitted a new one to my Oregon saw last week and within a short while it was smoking after cutting through a number of small bush stumps. Turns out I had put the previous chain on backwards, use it a couple of times then put it away for the winter. As a consequence, when I started to use, it I thought it had gone blunt so fitted the new chain the same way. This started smoking after a short while also. Felt a right idiot when I discovered my mistake.