Problem being, Honda designed these motors with a semi presurized crankcase (PCV = positive crankcase ventilation). By using the vacuum of the engine, it draws air (and sometimes oil) out of the crankcase, and up into the valve cover - and eventually back into your intake. Running normally, you shouldn't have liquid in your intake - rather maybe a trace of oil. For now, run the hose facing down, away from the intake - into the open. either buy a cheapo-Ebay catchcan, or fix the oil blow-by problem (which as stated earlier, could by rings, or ring lands). If you buy the catch can, hook one end to the valve cover, and the other end to the PCV tube behind the motor. Haven't done this myself, so I'm not totally familiar with the PCV system - so maybe PSol could help me out a bit.
EDIT: Catch cans are a must if you are running forced induction, blow-by is common in boosted engines, and a fine mist of oil into your intake tract can cause detonation, and generally shitty performance.