White stuff leaking from under voltage regulator?

So does that mean i need a new voltage regulator? Im assuming that the heat sink paste keeps the voltage regulator cool and if its leaking it out it wont do its job anymore causing the voltage regulator to fail?

I couldent get a picture of the trail leaking from the voltage regulator to on top of the frame rail because it was really tight in there and i couldent get a good picture but, some leaked from ontop of the frame rail into my fenderwell so,heres a pic of the mystery spoodge