I believe I may have found the cause which in a nutshell is the oil making it's way through the gear position indicator bolt holes.
I had previously replaced both o-rings, replaced them again with RTV goop around the flanges and it still oozed when riding. Then recently I removed the sensor, cleaned up the goop real well and installed new o-rings with a little lube. There was oil visible inside the bolt holes but I could not see all the way to the bottom. This time I pushed some goop inside those holes but did not apply any elsewhere. After I could feel a little of that excess o-ring lube making it's way out as I'm riding around but that's it. Nothing that smells or feels like oil. I'm pulling the bolts out one more time since I should have probably put more goop in there since there may be a minimal trace of oil on the outside and I also want to see what's going on in there.
That would also explain why the bolt heads always had a some oil around them.