Oil leaking out the exhaust

[dweber85rc]

so I noticed the last two times I was out riding once for about an hour and the last time about 1/2 hour that after I got home and it sat for a while I had had a leak of an oil like substance under the exhaust where the stock muffler connects to the header pipe. What is odd is that whatever it is clean. It isn't dirty and doesn't smell like gas at all. The oil level has been full and doesn't seem to be going down. Runs well, lots of power. What could it be? The bike doesn't even have 8000 miles 97 1400

[navigator]

Your exhaust pipes, as they get hot, will produce condensation.
On long runs it will evaporate, on short runs it will pool up water in your muffler.
There is a weep hole in the bottom of the muffler to let that condensation drain out to prevent the muffler from rusting.
The water has carbon, soot, and maybe oil mixed with it.
It is all perfectly normal and nothing to worry about.
Now go out and ride some long runs.