  We prove the existence of both local and global smooth solutions to the
Cauchy problem in the whole space and the periodic problem in the n-dimensional
torus for the incompressible viscoelastic system of Oldroyd-B type in the case
of near equilibrium initial data. The results hold in both two and three
dimensional spaces. The results and methods presented in this paper are also
valid for a wide range of elastic complex fluids, such as magnetohydrodynamics,
liquid crystals and mixture problems.
