My son raced a '99 CR80 last year and teh jetting is perfect. He just moved up to a 125 so my daughter decided she wanted to ride the CR. We never saw any spooge until she started riding. Everything stayed the same except the rider. My son rode at 75 - 100% throttle all of the time. My daughter rides at 25 - 50 % throttle. At that RPM, the engine never heats up enough to burn all of the fuel. It has to go somewhere, so the exhaust is the place. You can try leaning the carb a little (this is NOT an oil ratio problem) but if you get it lean enough so that you have no spooge in the middle, you will be way too lean on top. That could cause the engine to sieze. If you are running too rich (again air to fuel ratio: not oil to gas) the engine will make a kind of blubbering sound. Too lean will cause the engine respose to be sluggish and flat.
Most of the time, the spooge is caused by the engine not running in it's optimum RPM range, and not jetting problem.