I'm hoping that it's just my drain tube gasket, but I'm thinking that it's the seal between the exhaust housing and the shaft... Just had this thing rebuilt not too many miles ago, too.

 

It does seem to be dripping down onto your return line from between the two sections. Dang the luck Mad!!! Have you tried tightening the halves and see if that might help......long shot but you never know?

Hate seeing oil leaks because such a little bit can go a long way but yours seems to be located in a remote area...but you are able to find it easily!

 

Yeah... I think it is coming from the sections.

I cleaned it tonight, I'm going to fire it tomorrow and see if I can find a leak.

I've pulled and installed this turbo a couple of times, It becomes fun after a while.

 

I'd ignore it. It's merely a rust preventive coating.

 

Yeah. That's it! hahaha...