What ever this is, it appears to leak something. All over the engine bay below this thing is damp with some sort of fluid. It goes down and goes directly into the front axel.
Whatever fluid that is, why is it leaking?

 

Looks like it could be a front differental breather?

 

That would make sense. Is that fact that it seems to be dripping stuff down into the engine bay a problem?

 

nope not a problem although u should check your front diff fluid, might need to be changed

 

I dont know what it is but my dakota did it and just 2 weeks ago my ram did the same thing. Not sure why I guess temp change can do it also over full and a clogged vent can cause it to do that. Just make sure your front diff oil is good and at the correct level