First of all, thanks to Fred, Reeperette, Miguel and everyone else who offered up some great advice on my last question.
After riding my 95 Tomos Targa, I've noticed that there's always a half-dollar sized spot of oil/water that drips off the BiTurbo exhaust and onto the floor of my garage. This fluid collects on the bottom of the pipe, in the seam between the gold cylinder and the exhaust pipe, and drips from there. It looks like some of it is water, because the oily stuff kind of floats on top of it.
A little background on the Targa: I bought it about 2 weeks ago. It looked to me like the previous owner had laid it down a time or two (or maybe just backed over it once), judging from the condition of the left side decals, fairing mount, and turn signal assembly. Is it possible that they broke a seal or something between the pipe and the muffler when they dumped the bike over? Do I need a new exhaust pipe, or is this stuff that's dripping out of it an indication of something more sinister going on in the engine?
I'm no mechanic, but I hope to learn how to do some of my own work. This forum has been a great resource.