was it brand new and im asuming its a z400. ur clutch could be out of adjustment causing it to wear to away the seperator plates causing the grayish color or if it was brand new off the lot and the break in process is causing it change ur oil again and put cheeap cheap oil in it run it for a few minutes (no need to ride it but u can just not to hard then drain ur oil while its still alil warm then refill with fress good oil and a new oil filter and see wht happens
2001 300EX
FMF Powercore4 Full
(no spark arestor)
20x11x9 Holeshot HD's
Uni Filter (no lid)
ProTaper bars
14t front