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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
If its gear oil thats leaking from your diff it has a very distinct smell. Just rub a little on your finger and smell it. You'll know if that red stuff is gear oil or not. Yeah I know what I just said sounds stupid but its a sure way to know if it is or isn't.