There's 2 things going on here: 1 - There's a slight leak in the exhaust manifold gasket, and 2 - The engine is "wet stacking" from not being worked hard.
That "oil" you're seeing is actually a mixture of unburned fuel and soot. It accumulates in the exhaust manifold (and will leak thru a bad gasket) if the engine is run lightly loaded for a while. Working the engine hard for 20 - 30 minutes burn the stuff out.
Aside from the mess it makes I would not be too concerned.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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