More than likely it is fuel seeping into the injection pump crankcase. It might be engine oil but the odds of that are slim.
How many hours has it been since you changed the IP oil and what kind of oil did you use?
If you use dyed diesel fuel it should be easy to see the dye turn the oil pink.
My tractor had the same problem. I removed the "lift pump" from the side of the IP and found that the lift pump uses a plunger that runs off of a cam in the IP. The only seal between the fuel and the crankcase is a small o-ring. This is a poor choice of how to seal a moving rod and the quality of the o-ring was low. I replaced this o-ring several times with varying types of o-ring material with no success. Finally got tired of the mess and removed the lift pump completely and made a plate and gasket to cover the hole and installed an electric pump to do the work of the lift pump. There is still a bit of fuel getting into the crankcase so it must be an internal leak of the IP pump itself. However now I can go to engine oil change time without it overflowing. I change the IP oil at the same time anyway. There is an overflow connector on the side of the IP. I put a small piece of clear tubing on that so I can monitor the overflow in case it gets too full. Without the tube the oil would drip out on the ground and I would never see it.
There should be a breather on the IP, make sure that is not plugged.