Well, most of the time when you have oil on your timing belt, the oil comes from either the cam seals or the front crank seal, and on 7M's the oil pump drive shaft seal, since the oil pump is timing belt driven.
But the way you described it, it sounds like the O-ring for the CPS. Unless you have a non-turbo, then its the O-ring for the distributor. But I don't think oil can get on the timing belt from the CPS leaking.
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