Quick backstory:
I recently changed the fuel pump on my 99 S-10 Blazer (4 door; 4wd). Everything went pretty well. As well as dropping a tank can go.

(edit: I think I know what it is now - but feel free to throw out a suggestion)

The car now works without a problem - and I drove it without issue to work (~15 miles) on the highway (55 - 75mph).

When I got out, I did a quick check to make sure everything was still connected - and I see this hose hanging down.

(Location): Driver's side, by the three fuel lines, around the fuel filter.
(Goes to): Hose goes up. When I wiggle it, my manager could see that it was somewhere behind the engine.

The substance on it does not smell like transmission fluid. It appears to be oil. Oil dipstick shows the same amount of oil as before we dropped the gas tank.

I think that this is the oil bypass - but I am not sure. The fitting on it is kind of distinct - so I thought that somebody with more knowledge in this area (read: anybody) could assist in naming this hose.

(Now the second part of the question):
Where do I put this to make my Blazer happy? Somehow I do not think that it is thrilled to have this hanging down.

Included is a picture of the hose. With luck, I've provided enough information to work off of.

Thank you in advance.

(edit) Addendum:
Actually, it looks like it may be the relief valve for the 4WD. Found the location to plug it back in. You can not tell from the picture, but the 4-pronged clip is broken on one side. Looked for the part at the local auto shops - and no one seems to have it. One guy suggested it may be a dealer-order part. If anyone has any ideas on that particular part name, I'd appreciate it.

 

i was gonna say vent tube for the transfer case

 

that would be my guess too