Oil Burning on Idle

[ZombiePotatoSalad]

Got my bike started today, and let it run for a bit. A burning smell arose, and I see smoke starting to come out. I shut it down and take a look at the sight glass: most of the oil was gone.
The smoke was coming out from under the oil reservoir, near the brake pedal.

[Nessism]

What happens to the oil level after shutting down and waiting a minute or two?

[ZombiePotatoSalad]

What happens to the oil level after shutting down and waiting a minute or two?

It seems to go back to the level it was. The moment I saw smoke, I shut it off.

[Brendan W]

Coils you have a leak dripping on to the exhaust?
Usually these never get noticed because we are moving before the exhaust gets hot enough.

[ZombiePotatoSalad]

That's what I thought, too. I thought some dust/spiderwebs on the exhaust was burning. I didn't see any leaks.

[Big T]

Let it run for a while to burn stuff off of the motor
Point a big fan at the front of the motor

[TxGSrider]

Could you have spilled a little oil when you filled it? It would probably have made its way down there.

[ZombiePotatoSalad]

Could you have spilled a little oil when you filled it? It would probably have made its way down there.

No. This happened today, a month or so after I filled it with oil. I had run it a couple times before today, with no smoke.

[ZombiePotatoSalad]

What's wrong? Piston rings?