UPDATE:
Last night I changed the oil. Other than a slight amount of goo on the oil plug magnet, there did not appear to be any glitter or metal shavings in the oil or the filter. The oil still smelled strongly of gas, however it did seem that much stronger than the previous 3 oil changes that I have done on this bike.
I have read that condensation can accumulate in the oil if the bike is ridden a bunch of short distances in a row. I have been mainly commuting to work lately, which is about 10 miles, and the bike rarely gets hot enough to boil off condensation, as it usually runs around 187F when cruising (which could be due to my rich A/F ratio). The water in the oil had to also be mixed fairly well, as I had just ridden the bike and it had not yet separated. After I changed my oil, I let the bike idle until the fan came on around 212F. I then let it idle at that temp for about 5 minutes to boil off any residual condensation. After the oil change I filled up with a fresh tank of ethanol-free premium and put in a whole bottle of Techron fuel injector cleaner with hopes of cleaning the injectors.
Overall, I think I had a few problems here:
1. I am getting a fair amount of blow-by in the cylinders. The bike is 17 years old and has 28,000 miles, so that is to be expected to a degree.
2. My fuel injectors were becoming gummed-up, which would explain the gradually increasing rich air/ fuel ratio, and potentially causing fuel leakage.
3. I had excessive condensation in my crankcase, causing the oil level to read high when held level (on a lift).
Moving forward I will be keeping an eye on my oil level, rich smelling exhaust, and overall health of the engine. I am interested to see what affect Techron has on my injectors, if any.