THanks Coy. So when you say oil based fluid, do you mean hydraulic fluid?
Well not in the traditional sense of hydraulic fluid. Hydraulic fluid is a dark tan to light brown color.
Engine oil in most any diesel is typically very dark brown to black usually described as black.
Coolant is either the translucent green or the translucent pink.
What was coming out of your tractor really does not look like any of the three.
My best guess is someone has put ATF into the hydraulic reservoir. ATF is a type of hydraulic fluid but not what is called for in these older Yanmars.
It is a common issue for Yanmars to get water into the hydraulic reservoir and steering box.
The standard was john deere JDM303 hydraulic fluid. This is basically no longer available. Most suggest to use JD Hy-Guard fluid or an oil that meets those standards.
A good cleaning of the suction filter would be in order. Unfortunately a simple draining of the various areas of the reservoir will not remove all of the fluid as some will remain in the suction and pressure lines as well as loader (if equipped) lines and cylinders.
My suggestion is find and repair the leak, pull the tractor if you need to relocate it for repairs. Then drain the reservoir. It has been a while since I have done mine. I will try to go check how many drain plugs tomorrow and post again afterward. First drain then remove the suction filter cover and remove it and clean it. You should also have a spin on filter near the fuel filter. You may want to do a cheaper oil as a flush (I have heard of people flushing with diesel, but I would not want to run my pump on diesel fuel—it will tend to remove any lube from the system). Then when the flush is completed, fill with a high quality hydraulic oil—even under heavy usage, this should be good for many many years baring water getting into the system. Water usually enters around the rubber gear shift boots.