it will be the fork oil that is leaking out due to the fork seals being damaged,this is quite bad really especially if the fork tubes (chrome bits) are pitted or rusty as this is usually what makes the seals leak in the beginning,this problem will also cause the brakes to fail in the end and also it will fail an mot for it.get them replaced before it causes any accidents or the police spot it
adam bike doctor, October 2006