Oil Leak-need advise fast!

[FJFAST]

ok, first post here. I am the original owner of an awesome 1985 FJ. Obviously, I love the bike and will probably keep it till I pass on to the great twisties in the sky.  The issue is I have sunk a fair amount of money into it this year, RPM valve upgrade, steering head bearings, replaced generator with battery, and just last week a new RPM clutch slave. My new wife of two years has been patient with me spending money on it since she loves to ride with me on short trips and overnights. Well, I was checking bike over tonight for a Labor Day weekend trip and noticed a small oil leak on the garage floor. I thought maybe it was the clutch slave but quickly determined it was engine oil. It looks like it is coming from around a red circular thing (quite frankly, in 30 plus years I swear I have never seen piece before) off to the right of the drain plug (which is tight). There is a small 10mm bolt next to it. What the heck is this? Any advice on how to proceed would be appreciated. If it is an involved fix, should I still go on trip? Wifey really looking forward to getting away down to beautiful southern Ohio.
Any prompt replies would be greatly appreciated.

[FJmonkey]

That sounds like the oil level sensor. If the leak is small then enjoy your trip and watch the oil level. www.RPMracingca.com has new replacements for your future rides. If your Oil light comes on, add some oil. Have a fun ride with your wife.

[Pat Conlon]

Yep, Mark beat me to it.

See #20 on this diagram : http://www.partzilla.com/parts/search/Yamaha/Motorcycle/1985/FJ1100N/ELECTRICAL+2/parts.html

It fits in the bottom of your oil pan. Does that look like it?

There is also a small Phillips head screw in the middle of your oil drain plug.

That's all I can think of...

[FJFAST]

Thanks guys for your quick replys.  The oil level sensor might be it. I sprayed with cleaner and will recheck tomorrow. If it is, is there just a seal or do I need to replace whole thing? fortunately, it's a fairly minor leak. I'll pack along some oil.

[Pat Conlon]

http://www.rpmracingca.com/proddetail.asp?prod=4H7-85720-01

There is a rubber oil ring which provides the seal to the pan. If you want to, you can drain your oil, drop the exhaust system and a take the sender out.
Perhaps you can find a replacement oil ring at your hardware store. Give RPM a call tomorrow morning and they can overnight FedEx you a oil ring, or at least smear a thin coat of black Permatex around the existing O ring and reinstall the sender. Let dry overnight before you refill your oil.

or just do nothing....No reason to worry about it   

[racerrad8]

I also have the o-ring in stock: Oil Level O-ring

Randy - RPM