Well all great suggestions so thanks guys for all your help on this.
A little history on the bike in question first....bought by me in March 1999 from an original SOHC mail lister after I landed in Boston (Feb 99) for the first time. I ran it until the gear shaft bearing went. With the help of a friend, split the lower cases and "fixed" the bearing. Re-assembled and ran for another 1000 miles or so before same problem happened. Before I could fix it I left to return to the UK and bike sat for next 2 years untouched. I came back in 2003 and got bike, pulled engine and fixed it myself...only problem was that on re-assembly I couldnt get it into gear. I gave it to a local "expert" ex-Honda mechanic - he meticulously went through it fixed it and game me the engine back (but kickstart never worked again

). Its likely he used some kind of red sealant on the lower cases -Ill need to double check the seal to see colour as I thought it was gray sealant.
Ive just examined the dried remains under the microscope (sorry Bob not the digital one) and there are 4 components: (1)- red flecks - probably some kind of gasket material - Ive never used the red gasket sealer so maybe someone else (Honda, PO, or my ex-mechanic (see above), (2) small blobs of "melted plastic" type material - looks like melted plastic and (3) strands of fibrous material/plastic and (4) ~10 long shards of magnetic metal.
So....things to do - pull the oil filter (around Spring!) and check oil filter for signs of wear, and check oil filter casing for more strange pieces. Check for red sealant anywhere, change oil (Spring) and watch for anything nasty in the oil and finally adjust camchain just to be sure.....then.......ride it until the day I have to pull the engine again to freshen up the top - end - at 50,000 miles its still going strong but Im sure at some point soon it will need some attention.
Thanks for all your helpful suggestions.
cheers
Andy