Black oily liqiud from exhaust

I just had my bike running for the first time since last year. Over the winter, I rebuilt the carbs so they work fine. After a few minutes of running I noticed a black oily liquid dripping from the end of the exhaust. It does not smell like gas and there is gray smoke from the exhaust when I roll the throttle. What would cause this?

Thanks

More than likely it's just condensation that has accumulated in the exhaust pipes, and should burn off after running/riding your bike for about 30 mins or so.

Thanks for the reply. I will wait it out and hopefully it will not be a worry.