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That's an accessory - socks, to be exact - with a very pale white overlay (and probably a similar specular). The overlay just applies a faint white tint to the areas of the skin that are painted in the overlay, which gives the impression of shininess.
To make one, you'd clone a pair of female socks, and make the alpha channel on the base texture all black. Then paint your faint (semi-transparent) white "oil" detail onto the overlay image. You would probably also want to disable all the CASt channels for the sake of tidiness. You could then convert it to makeup, but in my experience doing so creates makeup which is buggy as a cockroach sammich.
What I lack in decorum, I make up for with an absence of tact.