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Have you done anything like top the transmission off with fluid recently?

I replaced the fuild after I lost most of it

No rebuilds or any kind of maintenance?

No rebuilds to my knowledge. I bought it a couple of years ago. Regular maintenance, like oil change and tire rotation but nothing more.

It appears to be a cap lifting..will have to look at my PA later..
Going to have to orientate with FSM to try to identify what exactly this is.
Does anyone know if this is the Vent Valve?

If fluid is checked, engine running, and is at the proper level, then you have an internal problem,,,,,chances are it'* a valve body problem where a circuit is not opening and pressure is building up, and not bleeding off....

Soft Ride_ what would cause fuild to come out the Vent Valve?

Just as Tech2 has already said. You have an internal valve body issue that'* allowing fluid to come out of the vent. This will require the trans be dropped so the side cover can be removed.