the front of my 750 k3 looked like that. the previous owner told me it was the head gasket. i cleaned it up and found that the head gasket did have a very slight weep, but oil was pouring out of the tachometer seal and down the front of the engine. i wrapped some teflon around the end of the tach cable to seal it up while i waited for a tach seal to get here. i don't know if that helps you with the 550, but you should definitely start with a thorough cleaning and see where the oil is really coming from. the wind blows it all over the place. before i cleaned it, it looked like it could have been the valve cover gasket, head gasket, or cylinder base gasket. i thought my engine was gonna have to be torn down, but it was just a 5 dollar seal that took 2 minutes to replace. good luck.