Thanks Maine Sail, I tried to get some more grease (volvo) with a syringe and got it down to about 1 drip every 10 seconds. I don't know the grease history, I just had the boat delivered from BVI in Dec. I know they replaced the shaft before the trip because it was bent. I "assumed" they would grease the sleeve. About 90 hours since then. I ran it Saturday and went sailing thats when it strarted to leak. Maybe I need to run it again to heat it up and form a seal with the new grease.
Also MJ Thanks for the warning, I read more about that nipple and it sounds like I should replace it on the next haul out.