If that is an F225 model (4 stroke) and the year and, if the exhaust kit has not been installed previously, you should suspect exhaust corrosion that may have compromised the oil pan. My guess, worst case, is that is engine oil. You may be able to tell by the viscosity and smell. Lower unit oil has a different smell and is thicker. I have seen that exact thing on an F250 and it was coming from the engine. If you are lucky and it is coming from above, maybe it is just a driveshaft seal. Good Luck and let us know the outcome. Monitor you engine oil closely, a small leak may take a while to show a loss in quantity, particularly in those engines which can have a tendency to "make oil."