Are you talking about filter oil? I cleaned the filter an reoiled it (on a CR125) and oil just kepr dripping out. It really surprised me that the air filter oil was dripping so much, until I was talking to Ron at RB Carbs one day. He told me to be sure not to over oil my filter. Huh? I was taught to oil it until it would not take any more oil! He told me that most people over oil their air filter, and that you only need a small amount, the smallest amount that you can make spread over the entire filter, and you should definately not be able to squeeze any out.
This certainly was the reason oil was dripping out of my airbox on to the swingarm, could this be the case with your bike?