That appears to be leaking from the oil cooler, but it does not explain the burning oil smell, which is most often generated when oil drips onto the exhaust manifolds, which sit higher than the cooler.
Practically every 5vz-fe engine leaks at the valve covers after 60k miles, so being at 111k, you are most likely due for a valve cover seal replacement. It is likely that oil is leaking from the valve covers down and onto your manifolds, causing the burnt oil smell. It is also likely that if the valve covers are indeed leaking, that the oil could be working its way down and appear to be leaking from the cooler, when in fact, it isn't.
Check your valve cover areas, and if they are leaking, fix that first. Then if the oil cooler does in fact need to be replaced, do that next. You don't hear about oil coolers leaking at anywhere close to the frequency of valve covers, which is why I say to look there first...