Cranckshaft Pulley Burning

HI THERE I HAVE A 2.5 V70 DIESEL(VW engine) it has a burning rubber coming from the cranckshaft pulley area. all the aux wheels are ok but there is all burnt jellified rubber all over the timing belt. but the belt is only 1500 mile old and its not from there. i have tried to remove the pulley to see behind the cover to see where its coming from but i am unable to remove the pulley as i need a locking key. can anybody advise me on this situation regards simon

I might be wrong, but someone else can correct me, but you may be suffering from a water pump about to seize up. How may miles has the engine done?

My Tdi had a leak from the oil pump gasket, but it threw oil up inside the cambelt cover, nothing like rubber. I can't think of anything else down low that might cause this if your tensioer pulley is ok. Could the aux belt be rubbing somewhere? I've heard these engines are a pain for oil leaks, and that's been my experience, however I'm at a loss to advise you. Sorry! Perhaps a pic might help you get more suggestions.

Cranckshaft Pulley 

Hi All Thanks For The Replies. The Water Pump Is Only 2 Months Old(volvo Part)aux Belt No Signs Of Wear In Perfect Condition. Timing Belt And Tensioners 2 Months Old. Definatley Rubber Dry No Oil Or Grease Any Where. Just Burnt Rubber.so Much So That Its Stuck All Over The Timing Belt. But Its Not From The Timing Belt.all Wheels And Bearings Moving Fine.??????? Please Keep Your Suggestions Coming Regards Simon

Cranckshaft Pulley 

I'm wondering that IF the rubber section in the pulley (aka vibration damper) is failing you'll get the "rubbery" smell. It would fail eventually taking the serpentine belt with it possibly. You may need a new crank pulley therefore - why not ask a main dealer if they've had this. I discovered that my Tdi had a new pulley fitted at the 80k belt change (before I owned the car) but I don't know why. This needs sorting out now - you don't want the cambelt to slip or fail on a Tdi or it's bye-bye engine. Regards.