Gentlemen, Thank you all for your comments and ideas. Just clear up any confusion here, the bike is an 08 model pre unit construction lean burn 500 bullet. It has three vent pipes leading from the top of the engine/primary drive casing (there is no vent pipe on the gearbox or none that was fed into the collector pot!) There is a very small pipe leading from the primary drive casing with an inside bore of no more than 3 or 4mm, which I presume is a breather and nothing more. There are two more outlets for pipes on the top of the casings behind the cylinder head, one exits from the side of the timing case the other from the actual engine block. Forward of the previously mentioned pipe fitting is what appears to a hole, it looks like its been there from when the engine was manufactured (having nothing to compare it with I can't say whether it should be like it is or not). I am going to try and attach a photo, it is in this area that the oil leak seems to manifest its self, with that 'hole' filling with oil.
I'm beginning to seriously wonder if I have blown the head or base gasket (or both) when I took the bike for a serious test ride after modifying the gear box, BUT, and its a serious but! Two things; A. a small amount oil goes a long way when hot, the gearbox hasn't lost any to speak of, the primary casing is 'oosing' as normal and the dip stick shows a level about 10m below the top mark.............b. is this just complete paranoia and I should take the bike for a good long ride - taking my AA card just in case and really find out what the heck is going on??? The worst that can happen is I end up rebuilding the engine cos its gone bang..............I'll put the kettle on and buy some Bacon shall I??????