I changed the oil on my bike at 260 miles or so, and now again at just over 1,000 miles (1,090) and both times the oil smelled like gasoline. The first time it wasn't so bad, but this time it was a HORRIBLE gasoline smell, which is the reason I changed it. The oil didn't have any mayo, but while it was draining you could definitely tell that something else was mixed in a little bit (that different-colored "swirl" as you drain it).
On the stock BS29 CV carb, I have the float needle set to the highest (lowest clip) setting, 17.5 pilot, 122.5 main, fuel screw turned just about 1.25 turns out from seated. There have been one or two days (and three or four short in and out trips) where I have forgotten to turn the fuel petcock off, but I thought (hope) that that doesn't matter, correct me if I'm wrong.
The bike itself doesn't burn or use any oil, as evidenced by me slightly overfilling it the last oil change and it not dropping at all for the past 700 miles. I feared the worst because the bike had gotten a little bit noisier (growlier) but that could also be in my head.