That is the crankcase vent tube. at the bottom is a Little "pill bottle" looking thing. it catches the drips but fills up and also some sludge builds up on it. Everyone else on this site has been taking off the bottle and extending the hose with heater hose down to like near the trackbar. any drips will be blown away by the wind. you might every once in a while get a drip on the bottom of the hose but that is about it...
I was thinking of removing the hose and capping it off and getting a system that recirculates the vapor and separates the oily part of it to return to the crankcase. I was going to put the sampling part of this system on the rear of the valve cover. Reason for this is, when you go down a steep hill like more than 28 deg down, oil can flow out that vent hose. it happened to me twice. (while off-roading) I lose 1-2 qts of oil when that happens.
The system for the recirculated air is called AIRSEP and I am trying to find again the place on the net where I saw it.
But up there at the top of this post is the answer to your question, the rest is to think about.
Eric