Totally normal during short journeys and very cold weather. Large amounts of condensation are produced at start up, this forms in the engine, then into the exhaust system, hence way it used to be very common for back boxes to rot through fast and made of cheapo steel, as they are the coldest part of the system. This is helped nowadays due to the fast warmup of the engine, due to emissions control requirements. The goo is a mixture of oil and water droplets.
If you are suffering no loss of coolant, no problems, but obviously your engine oil has to work harder with all this condensation. So if your driving is continually short journeys, then more frequent oil changes are advisable.
OK thats the laymans view, now where is TT with the in depth analysis?..........he's out there somewhere
