Not jumping on the bandwagon of "burnouts - bad idea" (which they are).
But I think you should qualify what you actually did.
It sound's like what you did was equivalent of spinning the wheels when pulling off from traffic lights too quickly when wet, which I'm sure we've all done, I certain have.
I don't think you'd be dumb enough to go on a "cruze" and do burnouts with the hand-brake on revving the nuts off the poor car, leaving rubber trails all over the McD's car park, because that would be stupid.
If your car had serious work done to the head just before you got it, you should certainly let it bed in for the first 1000miles, no high revs till it's warm and don't thrash it, the previous owner should have told you that.
Anyway, glad the smell has gone now.