The spots are directly below the bell housing so basically in the middle of the truck. I doubt it is fuel as I smelled it and even tasted it, and it did not smell or taste like diesel or motor oil. I will check the fuel as I am not ruling anything out, but to me it is unlikely it is fuel.
The protective coating or oil makes some sense but it is not smoking or smelling like oil on an exhaust would smell. I don't think what ever it is is driping on the exhaust side as I said it looks to be almost drippin just off center to the drivers side on the bell housing then running down and dripping directly from the center of the bell housing.