I have noticed that the spooge seems more directly related to throttle opening. If I spend a lot of time letting my bike warm up and/or riding at part throttle openings, I tend to get lots of drool down my silencer and excessive smoke. If I'm riding in more open terrain at much higher speeds and/or with large throttle openings, I get very little/no spooge and almost no smoke.
If I've been trailriding and then ride the bike home (plated for street) I get about a half mile of smoke behind me and it blows oil all over my fender. If I stop and wipe it off and keep riding there is no more oil on the fender or running down the silencer.
To summerize...if you want less spooge, open the throttle more
