That's the drain for the water pump.
There's both an oil seal and a mechanical water seal in there. If one fluid (or both) is leaking, it'll leak into a little space in between the seals. This space inside the water pump is provided with the drain you see so that the antifreeze doesn't mix with the oil or reach the bearings. Many car water pumps have a weep hole that performs a similar function; the weep hole allows leakage to drain before it reaches the bearings.
A few drops of oil or antifreeze now and then is of no concern. It's fairly common to see a few drops on first startup if the bike has been sitting a while.
Any more than that, or a persistent leak, and it's time to pull the water pump and clutch cover and rebuild the water pump with new seals, o-rings, bearings, and gaskets. There's a specific order and procedure to it that's explained clearly in the shop manuals.
You can just watch and wait a while if you like; if it gets worse, it'll only get worse slowly. In your case, sounds like it's persistent, so it's time to order parts. But you should be fine to keep riding for a few weeks.
2002 Suzuki DL1000 V-Strom, Dark Metallic Space Blue
1983 Suzuki GS850G, Cosmic Blue
2005 KLR685, Aztec Red - Turd II.2, the ReReTurdening
Last edited by bwringer; 06-05-2019 at 12:07 AM.