2-strokes always leak a little. It's unburned or partially burned fuel with oil mixed in.
A few things can make it worse than normal:
1. Running with a plug fouled (on a twin).
2. Running too rich of a mixture (either a rich carb. setting, or too much oil in the fuel; ie, running 20:1, when you should be running 40:1)
3. Lots of starting, stopping, and low speed running, without "opening her up", to get the engine up to full operating temp.
4. Raw fuel leaking into the exhaust, due to a leaky carb. issue.
5. A sled that sorta runs, but has weak spark.
I'm sure there are more reasons, but those are some of the most common.
On newer sleds with oil injection, it can mean a faulty, leaking oil pump.