To start off with the oil. In the warmer weather it is not a problem to run a heavier oil. 15w40, or 20w50 will be good as long as it is a motorcycle rated oil. Most of the common car rated oils have friction modifiers that could cause problems with wet clutches.
A clutch slipping would be identified by the motor suddenly spinning up faster than the speed increase. It is very noticeable.
As the motor was just reinstalled. Have you rechecked the exhaust to make sure it is still tight?
Good tip on the oil – I think regardless of what happened, probably good to go with a heavier oil until it cools down a bit.
Thanks for explaining what a clutch slip would be/sound like. I was unsure, and I'm fairly certain now that whatever happened was not that. Speed increase and motor seemed to be in sync, motor just suddenly quit.
I rechecked the exhaust, once, early on, to make sure it was tight, but probably good to do it again now as well. Fairly new to working on my bike so apologies if these seems like an obvious question but how could a loose exhaust cause something like this?