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The motad on my 550 does the same thing until it's warmed up. The leak appears to come from where the down pipes slide into the exhaust itself.
It is definately sooty water, not oil or fuel
on my 500,all 4 pipes have drain holes,in colder weather they puff steam from them,and the tail pipes, because of the expense of replacing them,I try never to do short journeys,and always find an open road to get the motora blast,normally to over 8k rpm in 3rd,hoping the heat will dry the insides,