jp,
You should see smoke or unburned fuel or a combination of both, but not grey. Grey out that vent means water is mixing with unburned fuel mixture. If it only ever happens after washing, then its hose water and not a problem.
There are only two other members on this board to document this condition in the last three or four years. In my case, there is a transfer of pressure between the coolant system and the rest of the cylinder. I have confirmed this with a radiator pressure tester. Eric Gore has advised me with this problem in the past.
This 'leak' between the systems can only happen in three areas - the head, cylinder or cases. The leak does not have to be very big to produce the grey spooge. In my case, the slight drop in coolant level is only detectable after a weekend of racing where only a small top-off is needed. You will not notice a coolant level drop with just 3 hours on the motor unless you are riding WOT.
So far, I have over $700 invested in solving it (sort of) and no it isn't fixed. Last season, I ignored it and just raced. The leak does not seem to effect performance. If I go for the over-bore on the original cylinder, then I would want to send the motor to Eric this time (instead of who he recommended) and have him and Rich tear it apart and fix it.
Do me a favor and let me know if you see it without washing.