My guess is excessive heat buildup, although I'm not sure why the gas would actually be coming out the vent. It should only have to relieve pressure (gasses).
When I got my K5, it would hiss and produce terrible gas fumes from the fuel cap after a long drive. If I removed the cap, it would relieve an enormous amount of pressure. The K5 has a rear mounted tank and my exhaust ended right before the rear axle. I know the exhaust was heating the tank, but I found out my vent was clogged and after clearing it out, it no longer built pressure in the tank.
So my guess is that there's enough pressure buildup that the fuel is maybe boiling over in the tank and puking out the vent. Maybe try running with the fuel cap removed to determine if it's a pressure issue.