Hi everyone. I have been browsing the forum for a while now and needed a little help. I am new here but no to boats. I have owned a 26 Penn Yan sportfish, a 19 wellcraft eclipse, and just recently purchased a 81 Bayliner 2270 with a aq120b and volvo 270 leg. After going through the motor and drive I noticed a oil drip on the drive bellows. After taking off the trans and bellows there was a considerable amount of milky oil in the bellow. After removal it looked like this. (SEE PICTURE) I took off the starter motor and noticed the fly wheel and bell housing are dry as a bone so I ruled out the main seal of the motor. So my question is what is leaking and where is the oil originating from? Thanks in advance for any help.