Okay, did a little research in my service manual.
The hole on the right hand side is a drain hole for the water pump. If the mechanical shaft seal that is supposed to keep all the fluid inside the impeller area of the water pump is leaking, this fluid will drain out from this hole. Since the water pump is in the middle of the engine, they had to allow a way for leakage to escape. The manual says to have the seal replaced if it is leaking from this hole, but I am sure a little leakage is to be expected. As long as you aren't running low on antifreeze and therefore risking an over heating situation, it probably is no big deal. It also probably only leaks when you are running and the system is under pressure. When the bike is off, the pressure is gone and the fluid may not leak.
The other hole appears to be some type of allen head/worm screw oil drain plug. I think the hole you see is where the allen wrench goes in. It is set in the casting where the oil screen is located. The odd think is that there was no mention of this plug that I could find in the service manual. But just looking at the bike, I can't think of any other purpose for it. Maybe it is a place where you can drain oil out of the screen area before pulling the screen out and cleaning it. The residue may be where the plug is corroding a bit. I've seen this happen to parts when they put salt on the roads. Especially if the plug is not the same metal as the housing. The salt sets up an electrolytic corrosion that makes a white crusty residue.
Hope this helps.
'07 VN900 Classic
Horsepower is an illusion.
Torque is the source of all good things.
Last edited by Jeep Pirate; 07-30-2010 at 12:14 PM.