ski

+1 on condensation.
The gas smell is due to the engine being cold, which causes the ECM to feed it a rich fuel mixture to prevent stalling.
No worries.

sailing220

Condensation!

I should do a vid of my car up here in Minnesota starting up in the morning. Looks like there is a Nuclear cooling tower in my driveway.

q8stang

condinsation its normal

JDWalton

seems normal to me.

http://www.youtube.com/watch?v=9QYj1EVP8r8

This was before my catch can though. Havent looked at it on start lately. I vote either condensation or maybe a little oil dripping in from your intake. Only thing I would think you can try to lessen it is a catch can, but if its condensate in your exhaust, its just gonna be there.