I wouldn't consider the breather port to be near the shifter, that's what confused me.
How positive are you that the oil level is correct? How are you checking it? Run it for a couple of minutes to warm it up first, then, pull the dipsitck and wipe, insert without threading, then pull it back out and take the reading.
If you're only getting a little air out of the breather tube, the oil level is definitely right, then i'm just about as stumped as you are.
If I were you I would temporarily route the line to where you can see it while riding, and see if you can figure out what situation causes it to dump the oil, or if it's a steady spray of it constantly. Try to find some kind of pattern, like it only comes out when you turn right, when you're hard on the throttle, when the engine is hot, etc. Just watch for anything that might help point us in the right direction, right now we don't have much to go on.