No, it's the crankcase vent catch tank.
Do not remove it.
It's there to hold the residual oil that's separated from the crankcase air/oil mist that churned up during operation.
Most of the mist from the tank is routed up into the airbox and down into the throttlebodies and burned (part of pollution control).
There's a hose with a plug and clamp on the left side, near the side stand (one of many hoses). This drains the tank.
Periodically, place a drain pan under the hose, loosen the clamp, then pull the plug and drain the catch tank.
If the engine is run at high RPMs often, the you may need to drain it more frequently.
Last edited by SubSailor; 06-03-2011 at 05:39 PM.