94' smoking from spark plug

I have a 94' custom 4cyl. It is smoking from one of the spark plugs. When I inspect the source of the smoke I see oil around the plug. It appears the oil is coming from above the plug and the only source I could think of is the ignition coil. I replaced both coils but the problem persits.

The smoke doesnt smell like motor oil, it smells more electrical in nature. Any ideas?

Maybe coolant not oil?

I dont think its coolant but I could be wrong. Do you know how coolant could possibly get there?