That's the transfer box rear output seal gone Carl, not a 2 minute job but not a major one either so long as the bearing is ok which it probably is Should be ok for a while unless you go wading in deep water and keep an eye on the oil level in the transfer box. I might have a cheap OEM seal for you if you PM me your VIN so I can check the part number
It may also be worth checking/replacing your speedo o-ring... couple of pennies (got mine from a local hydraulics specialist) & a 5 minute job. Whilst the chances are its your rear output seal - a dodgy speedo seal can also produce a drop or two in this area...
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