This often happens to me during rebuilds (especially when I rebuild the oil pump!).
So, try this:
get an electric heater (not the hot-air type, but the hot-coil or hot-wire type) and fill the oil tank with 10w30 or 10w40 oil, then put the electric heater very close to the oil tank and oil lines, leave it there for at least 3 hours to heat the whole area up and thin the oil. Pull the sparkplugs out of the engine. Then use a larger battery (or 10 amp battery charger hooked up to the bike's battery) and spin the engine (with Run-Off switch in OFF position to save the points) with the starter in 7-second intervals, with 10-30 seconds in between to cool the starter, to start the prime. If it doesn't work within 1 minute the first (or second, or third) time(s), be patient: it will eventually work the bubble through. It also has to fill the oil filter. You will know it made it when the oil light will go out as soon as you start to spin it.