A few things...

Alright, I got a couple for you guys. A few nights ago I was riding up a fairly step incline and noticed my oil light dimly glowing. I headed straight to the nearest auto shop and added a little less than a half quart because I really could not see the oil level window in the dark parking lot. The light remained on for the rest of the 5 mile ride home. The next day I drained the oil and got about 3 and a half quarts and changed the filter and added the recommended 3 quarts. I take it out and the light was still was glowing faintly. It’s not the same brightness as when I first turn it over and seems to get brighter with increasing RPMs. I only seem to notice it at night so I am not sure if is just too light out to see the dim glow during the day or what. Maybe just a short somewhere? Also, lately I noticed a steady flow of steam coming out of the crankcase vent. Is this normal? And lastly, the RPM’s are taking a good 5-10 seconds to settle down to 1100 from about 3-4,000 when stopped at a light. I did a little searching on here and think it may be due to dirty/out of sync carbs? I just bought the bike a few weeks ago and the PO said he just cleaned the carbs, but who knows. I also have pod filters on with stock pipes and have no idea if the jetting has been messed with at all. I posted a question a few days ago about my clutch slipping and checked out everything you guys suggested but came to the conclusion that I need to do a clutch job because of continued slipping. Just picked up a gasket and now I am just waiting on friction plates and springs. I think that’s about it. Kind of a lot, I know but thanks for reading this much and thanks in advance for any help you guys can give.

 

The oil light uses a sensor that measures oil level and not oil pressure. So since you drained sufficient oil it would appear that the sensor is sticking. It is not that hard to replace. Worst part is having to remove the left two header pipes. There are two types of sensors; one is for the computer models and the other is for the analog models. You will need the analog unit. They work in opposite ways so the oil light will stay on if the wrong sensor is installed.
The steam from the vent is most likely moisture since your region has had so much lately. But that is just a guess so let some others post.
Out of sync carbs will certainly cause the lag back to idle. Air leaks can also cause it so check all your clamps on the air boots and intake.