 It's got to be water. It looks like oil, and it smells like oil pretty strongly. If you're in an 86 Mustang, you've got a catalytic converter. Your car's all stock, right? Yep. It's got a cold air intake, a new distributor, a new spark plug. But it's still got the factory exhaust with the catalytic converter and everything, correct? Yep. I bought it, and it had a Magnaflow exhaust on it. Okay, well...