This post captured my attention as I too have grey metallic oil.
There is no water in my oil, I am not loosing coolant. My oil is grey from aluminum. I can see the small flakes. I do not have aluminum clutch plates, I have steel. I changed 'em myself in October. I am concerned where the aluminum is coming from. Anyone have any ideas? I change my oil about evey 3 rides, it always, always comes out grey. I ride about once a week regularly, the oil is always fresh. Everything on the bike runs perfect, there are no clutch or transmission problems. There are no chunks in the oil. Only that one time when the clutch exploded last fall. I had the inner most fiber disc break into many pieces.
Now that I have typed this out, I am beginning to think that the aluminum is residual from the clutch failure last fall. I did not flush out the crank case when I put in the new clutch. Stupid me.
Keith
1993 CR265R