[papasmurf_m3]

Originally Posted by TopJimmy

Could just be condensation from running E85. I've also seen temperature move to dew-point and things get damp too. If either collect in your exhaust you'll get steam cooking off.

Try taking an old clean dry cotton t-shirt cut into 4 quarters. Fold each into a couple layers and rubber band a pad over each exhaust tip. Do a morning start and quickly go check the tips. If it's only dew or water condensate the rag will be clean, damp, and not stinky. If there's any color or smell (from oil smoke or whatever) the rags should grab it.

That's brilliant Jimmy!