Most of the time, it's urine. That's what squirting is and what would be the common situation. Some guys love it. Women ejaculating is different and it also is surprisingly common. Squiring is usually watered down urine and female ejaculation is thicker, milky like. This is not really sex to talk about in 'these' terms but there is a female prostate. That's where ejaculation comes from and it contains some of the same material male ejaculation has. Check out this link, you can read all about it. https://www.healthline.com/health/healthy-sex/female-ejaculation#smell To know if it is squirting or ejaculation, you'd probably need to look closely at what is coming out and it's consistency/color. But whatever, just enjoy the moment is what I think.
Some women have an ejaculation that is more like a man's. Isn't common, but it does happen.