
Oil is an intersting idea, and i will listen closely to it next time, although from memory it sounds thinner than that.
Fuel is also an intersting idea, its on carbs so no returnline.
[Edited on 21/2/2011 by dhutch]
I get that and I think it's oil returning to the sump.
i've heard this for years, and only just worked out what it is! In my case, it's fuel trickling out of the return fuel line. It did seem like it was coolant, but i am confident it is the fuel.
I don't have a return line 
curiouser and curiouser!