[Justin726]

Since there is no oil in your water pump, it can't be coming from the pump housing itself. It's probably not the gasket your arrows are pointing to. The water pump slides into the side of the engine where it mates up with the "driving unit" that spins the water pump. Well the shaft part of the water pump (that slides into the engine) has an O-ring on it to seal against the hole in the side of the engine (to keep the oil from leaking out). I'm guessing it's probably that O-ring is bad and that is causing the leak and running down the back side of the water pump where you are seeing it. I actually just replaced my exact O-ring on my Busa 2 days ago. I had the same type of very slow leak. I haven't had time to test it to see if it completely fixed the problem, but from what I could find out on the Hayabusa boards, the O-ring was my problem. Your water pump looks identical to mine, so I'm assuming the setup is very similar. Hopefully somebody can verify this or tell me I'm full of shit.\

This is the best picture I could find of a 600 water pump. It is from an older version but it shows the O-ring on the shaft very well. Talk to your techs at the dealer and see if they think that might be the problem. Good luck.