This is on the right side of the engine facing in

This is a 1990 v8 5.0.

Noticed white gray smoke coming out of the roof. Seems to be a pretty significant leak of maybe motor oil given the color and smell. Should I replace the hose or is something else the matter. Thanks

 

Most likely the oil is dripping down from the valve cover . The valve cover bolts need tweeking or the gasket needs replacement. Also, look at the area where the dipstick tube is pressed into the block. Try degreasing the area with brake cleaner and that may help you see the seepage area better.