It is oil.....

There is a vent system from the crankcase to the airbox, the drain pipe is the oil that is blown into the airbox.

It always looks more than it is, or rather it looks worse than it is,,,,, I think..

I keep an eye on mine, and measure it(roughly) as I drain it, then put the same amount into the top Oil tank (at the steering head), just to keep thinks ticketybooo. Not really much need realy, but in the event it starts blowing more out, at least I'm replacing it and I'll be aware of a developing problem.

There are plenty of post on the forum about it, some people don't care, some are looking to fit super dooper air-lock-thingamawatsists so when they next ride into a 5 foot puddle it doesn't back fill into the crank.

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Never underestimate the power of stupid people in large groups.