looks like an encrusted air dryer. to get that way it probably has been dripping oil through the relief valve. that's the part not encrusted. I would be concerned about your compressor needing a rebuild, since that is the likely source of the oil. Keep in mind that is engine oil coming out. Post a picture post cleaning.
Air brake quick release valve.
As much crud as you removed. The air compressor is passing oil. If you don't have a air dryer. I would install one.
Why install an air dryer to fix a worn out air compressor passing oil?