The stator/alternator, call it what you will runs dry on 500/550, Seal on the crankshaft keeps oil out of this area. Leaks are rare. There is a plug with O ring that is retained by this cover that seals the high pressure oil gallery, but leaks also rare. Do not run bike without stator cover in position or pressure will eject plug with some force! The rubber round the leads is just for insulation/guide purposes. Your leak may be oil pump, final drive or gear lever shaft. Or may be it's coming from above and running down.