Oil Horror Story

[flynrider]

There seems to be 2 things going on here. First, it appears your engine oil leaked out and that got on the exhaust and caused the smoke. AND it got on the rear rotor/pads and messed up the braking. It if got on the rotor, it got on the pads and you need new ones. NOW.

The brake fluid level going up and down is a concern as the brake system is a sealed system and the level should be pretty constant. Of course it will lower as the pads wear. I'd say at the very least the rear needs bleeding. I'd just flush it all out with new when you change the pads.

That oil light flickering was telling you that you had low oil pressure. It flickers because the oil pump was not getting a steady supply of oil and thus the pressure was coming and going.

In another thread I mentioned that if the oil light comes on, you should IMMEDIATELY shut off the engine. Catastrophic damage and or engine seizure can result from lack of oil/pressure. Sometimes quickly! But like Ferret said, most likely you are good in this case.

When oil leaks out like that it can also get on the rear tire. Make sure you clean it all off. Oil on tires is a bad thing. The tire can easily lose grip and dump you. You don't want that!

This cannot be stressed too much. The typical oil pressure idiot light (as opposed to a gauge) won't alert you until the oil pressure is very close to zero. Continuing to ride with the light on is very risky to the engine's health. In addition to pressurized oil feeding the top end, our engines also depend on a quantity of oil in the pan that the crankshaft splashes to lube the bottom end. And being air/oil cooled means internal temperatures will rise dramatically with reduced oil volume.

Linuxology, with a quart left in the sump, you may have dodged a bullet on this one. That the engine was sounding normal when you stopped is a good sign.

BTW, I think your rear braking issue was probably a combination of oil on the rear disk/pads and on the tire as well. You've got some cleaning up to do