What is this? K3 GSXR-1000

I went to do an oil change on my K3 GSXR 1000 yesterday and was looking the bike over before the season starts and I noticed this oil like liquid leaking from where the exhaust spring connects. I’m not sure why there would be oil coming out there… if anyone has any idea please let me know.

Also worth noting, - the substance was dry and more like tar than oil, leading me to believe it’s been there for a while and I haven’t seen it. - the bike was not low on oil nor is it leaking anywhere else or any lower then visible in the video - it’s right under the headers on the left side of the bike

Thank you for any help!