Yep, could be the water pump seal..
But.. As I found out the hard way, could be that the balancer shaft is worn out, which can cause the water leak.
So...
Do you have any excessive noise associated with the leak? A grinding noise you never heard before?
If not, you may be ok. In which case I'd just replace the seals, bearing, and water pump shaft.
You will also want to order a side cover gasket.
To get to the shaft, oil seal and bearing, you have to remove the right side engine cover.
You should have a service manual for your bike, it will detail all the steps involved in doing this job.