During take-off a pronounced thrust lever split was noticed. The N1 was split by 5% and, after manually adjusting the power levers, the pilot reported that the number 2 engine N1 and EGT rose rapidly above maximum limits. Thrust levers were retarded at 120 knots (V1 was 138 knots) and the take off was rejected. On the taxiway some smoke was seen coming from the tyres. An inspection showed that excessive lubrication of the landing gear brake units had caused the smoke when the brakes were overheated. No damage was evident. The number 2 engine was found to have sticky and out of adjustment variable stator vanes (VSV). These were lubricated and adjusted and subsequent operations were normal. Significant factors. 1. The pilot rejected the takeoff below V1 due to a power anomaly. 2. The number 2 engine variable stator vanes required adjustment and lubrication. 3.Excess lubrication on the landing gear brake units generated smoke after the rejected takeoff.