Yes, it is "normal" like "the_girlfriend" had said but, you asked "What is it," right?! All it is are the dead skin cells inside the piercing, itself; it they aren't cleaned all the time, or depending on what your every day activities consist of, them along with built-up sweat will cause a "funk," very similar to "ear cheese" with stretched earlobe piercings, or even worse "fromunda cheese" from when a guy doesn't wash his balls thoroughly. It's all the same stuff -- nothing to worry about -- just keep them clean, or it can fester into an infectious wound.
-Aaron @ Black Swan Tattoo