Ran low on oil couple of weeks ago and i refilled it. When I took the cowling off i notice i had oil everywhere. My oil alarm is still going off but that might be air from it being low. Only ran it a couple of times after refilling. Should oil be coming out of my fitting that is connected to the reserve tank on the motor, the the brass looking thing? Motor is a 150 mercury efi

check the oil tank cap on eng, there are known for cracking and leaking

no cracks, but did take the fitting off and blew on it and white milky like oil came out of it. Mabey it was clogged??

Water in the oil?

If your alarm is still going off and it didn't before you ran out of oil, you're right you have air in it. If I remember right, you have to loosen the cap on the motor tank while engine is running until oil comes out then tighten cap.

Make sure the motor reservoir is completely full. If oil is leaking from the check valve then you need to replace it.