Yuck! Oily porridge, one might hope?
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... well, it may have started life as oil, it's hard to tell!
Took a long time to clean all the parts, but now it's all reassembled, new gasket, new sight glass etc and fresh oil.
Head stock is "full" of good clean oil, but will be draining and replacing for good measure. Besides, there is a knock on one of the gears, so I need to fix that anyway.