My ride, a 1990 240 b230f, was doing the same thing on the exhaust side... it was the head gasket... and I had to replace it.
This is not to say that I could have driven for months or years with this very small weepage as my gear head friends suggested, but at 180,000k I opted for the permanant fix. New everything including sensors, gaskets, seals, bolts, a head rebuild w/ gasket matches, peaning & painting the exhaust manifold, and a VX cam to boot.
I love my ride and saving the cash to do a excellent job was no problem for me.
As the others more importantly note, if the leak can not be reduced to something else then the very likely culprit is the head gasket.
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