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I don’t own that bike and having tried the link I don’t see any pictures of the muffler. There is a bunch of yellow fluid all over various parts of the frame in photos. Gasoline is a hydrocarbon. It makes water and carbon dioxide when combusted so steam or water vapor is normal to see out of vehicle mufflers especially when cold and not fully warmed up. Thick white smoke is not normal and can point to an engine seal or piston rings. The bike has been ridden as per the first post so only you would know if you’ve ridden through any wet areas that may account for the yellow fluid on various frame parts or if they were there out of the crate. And have you been following an engine break in routine or not etc. Take the fluid and rub it between your fingers and smell it, does it smell metallic and tangy like rust. Is it watery or oily. That is not a color of fluid I am familiar with on air cooled engines. What color was the oil when you drained it from the engine. The only thing that comes to mind is oil and condensation or water and rust, or something ridden over while riding. Try cleaning it all off if you can’t immediately pinpoint where it’s coming from and then closely inspect for any new deposits of it to help pinpoint where it might be from.
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