I just checked the front pressure and a light oil came out. I no it was oil cause enough fluid came out to hit the rear caliper and to keep the rear brakes from stopping until I burned it off by riding with the rear brakes on. Bike is a 97 RK

 

PITA, but normal. The cure is to install real shocks.

 

1. I am lost on how when you checked your front air springs (front forks) and the oil spit out and hit the rear rotor/caliper brake pads. With all HD air suspension it is common to have oil come out of the air lines.
2. I do believe when oil gets on your brake pads you must replace the pads.