Had problems with the neutral light on my 76 750F1, staying on 2 years after I bought the bike (1978), I changed the switch and it still would not go out, so I taped over the light on the console.
When I removed the engine last year at the start of the rebuild I found the real problem, the cable to the switch was grounding out under the engine where the cable had chafed.
The light started playing up again recently so I removed the switch and tested it on the bench, it was fine, but I had put the retaining clip on the wrong way and the switch was not seated properly, with the clip in the correct position all is well.
No oil came out, if however your bike has been sitting for a while there may be some oil in your bottom end and you may get some leakage.
Cheers
Den