Can anyone tell me what this is? Doesn't look like oil or tranny fluid to me. It looks like it's coming from inside the bellhousing.

 

Lube/Grease from chassis? Just guessing. That's what it looked like on my fuel tank when I put a little too much in my driveshaft...

 

Is that the driver's side? Near the front drivesahft? Could it be some oil from the front diff slung on there? Or chassis lube like hemi said? What about a leaking oil cooler manifold gasket? That thing can be a pita. I would think it would show up more on the bottom of the bellhousing if it was coming from inside.

 

rear main seeping already??

 

have you touched it? what kind of texture is it? maybe gasket maker, grease, oil....

 

I vote rear main. Who installed it? Was it the new or old version?

 

Oh yeah, have you changed the oil since it's been rebuilt? The gray stuff might be assembly lube in the oil. It almost looks like cam break in lube for flat tappet lifters.

I'm thinking if it were the rear main it'd be more near the bottom of the bellhousing.