Beatrix Potter says it's smoke so screw you...
More from the book....
"Riddle me, riddle me, rot-tot-tote!
A little wee man, in a red red coat!
A staff in his hand, and a stone in his throat;
If you'll tell me this riddle, I'll give you a groat."
(Bonus points if you knew what a groat was without googling 'cos I sure didn't)