Finally got my tank and covers back from painting a few days ago and put the bike back together again. (Its been sitting waiting on that tank for about 9 months - but that's another story)
Recharged battery, polished and re-assembled petcock, added 1/3 tank of super, topped up oil reservoir to half way between marks, put on jacket, and started 'er up. Starts up great with a little choke - no problem. Let run for a minute, helmet on - and off I go.
I get to the next corner and look down (distance covered about 1/2 mile). Oil is streaming down my newly painted sidecover from the oil cap, dripping down the right side of the motor and pipes, along the stand and all over my back wheel and tire. A lot of it.
Turn the bike around, head back home. Get a can to catch the dripping and rags to clean the driveway, then watch as oil just streams down from the oil cap.
Check the level and its almost at the top of the reservoir. WTF? I had checked it cold - it was half-way between the two marks. Oil light stayed off and I suspect no sign of bad oil pressure.
Pump is obviously working. So, is there a clog somewhere? What else could be causing this? Maybe I need new glasses.