If that is oil smoking, I'd get it in to service right away. If it is hitting the hot exhaust, it could catch on fire. It's hard to tell what it is since there is so much oil all over the spot. Just take it to service and pay the fee for them to tell you where the leak is coming from. If it is just a simple repair that you could do, at least you will know what part to replace. If it is major, then you can decide what to do.