Sounds like the timing or timing chain.
On the tail pipe, that could be everything out of the cylinders reaching the pipes end from poor running and not starting. If it were oil and water, it would not be thin and black. That would be IMO, just the condensed water and carbon mixing up. The carbon is black from a rich mixture and the water will carry some of it away with it and mix.
Wait until it runs and tune it. (The carb.)
On the tail pipe, that could be everything out of the cylinders reaching the pipes end from poor running and not starting. If it were oil and water, it would not be thin and black. That would be IMO, just the condensed water and carbon mixing up. The carbon is black from a rich mixture and the water will carry some of it away with it and mix.
Wait until it runs and tune it. (The carb.)