What the heck is that?!

I removed my air filter to clean it, and a blop of yellow-brown oily goo spilled out onto the right side of my engine. There was residue inside the air filter as well, but nothing on the carb inlet.
A quick wipe with a shop rag cleaned it up, and I moved on to clean/reinstall the filter. I figured it was likely some oil spitting back through the carb, combined with built-up dust/dirt from the filter.
However, after running the bike for about 100 miles, I removed the air filter again and was rewarded with another blop of the stuff!
Any ideas as to the source of this gunk?
BTW--I'm riding a 2001 FLSTF, K&N air filter, 42mm Mikuni carb, .510 S&S gear-driven cams, 96 cu in stage II kit, V&H short shots pipes. I also put on an oil cooler, but the rest is stock.