I found the following, which would suggest that both views that it is pee and that it is something very different might be correct, and in many cases a combination of both. I still can't see though, that examples of gushing where hotel rooms are ruined can not be other than nearly 100% urine.
From:
External Link/Members OnlyIn this month’s issue of The Journal of Sexual Medicine, Dr. Zlato Pastor reviewed all the studies on this phenomenon to once and for all determine the truth. (This is an excellent topic of conversation when you get tired of discussing the current government crises.) Dr. Pastor reports that somewhere between 10-54% of women (depending on the study) report fluid expulsion during arousal or orgasm. Fluid could simply be from increased vaginal lubrication, but when most women describe “ejaculation” they are referring to a gush or spurt that occurs with orgasm as opposed to increased vaginal wetness from sexual activity. This emission is generally as a result of one of three phenomenons:
•A small gush of whitish fluid from tiny glands on the side of the urethra, called Skene’s peri-urethral glands, but also sometimes referred to as the “female prostate”
•Urine expelled from the bladder. Coital Incontinence (CI) is divided into 2 groups: women that have problems with incontinence in general, including during sexual activity, and women who lose urine only during orgasm. Women who squirt urine only during orgasm usually don’t identify it as urine because it is far more dilute and doesn’t smell or look like urine even though it comes out of the bladder.
•A combination of both