Like Frank says, probably just normal exhaust “drool”. But, you may want to change your gear lube to make sure it is not leaking. An engine that is out of tune or worn will produce more of this “drool” than an engine in good shape. Excessive idling might make it worse also. Use a good brand of TCW3 outboard oil, or perhaps the synthetic stuff. Please know that this engine must have a fuel/oil mix of 16:1 or it will be damaged, so don’t try to cut back on the oil to reduce the “drooling”. Ignore all the hype about “today’s superior oils” allowing you to lighten up the oil mix.