750 MASSIVE OIL LEAK ?!?!

Ok, i have this 1982 spectre 750 that i bought last year.. ran great, then i stored it for the winter. Took it out this spring and cleaned the carbs changed exhaust gaskets balblabla.

When i start it when its cold outside there is a knocking sound from the what seems to be bottom end at low rpm only ( under 1500) as soon as reved up the sound stops.. Once the bike is warm the knock stops and the engine idles fine.

Today i took the bike out, changed the clutch cable, and when for a test drive. KNOCK GETS WORSE, now a ticking sound at all rpm range. I check the oil see its a bit low and top it off. I keep driving and the ticking is still there at idle, at cruising speed and at WOT.

I keep driving and suddently going about 50 kmh in 4 th gear i hear a huge CRUNCH.. im rolling dow n hill so i pull in the clutch. the engine is idleing fine, no more knock to be heard.

I slowly keep driving, engine sounds smoother than ever, purrs like a kitten, still has power, but the idle speed has dropped dramatically when i let go of the throttle.

I carefully drive home, the engine is running PERFECT, no more noise.. I get home park the bike and realise the exhaust and engiene are covered in oil ?!?!? The leak is not coming from the valve covers gasket i checked all around.

I looks like oil is leaking (dripping) out of the head all around the engine. DID the head gasket just blow ???
how come the bike still runs ? im confused

I have not checked anything yet but i will do a compression test as soon as possible and pull the top of the engine apart.. what could have made that clunk noise and why is oil pouring out of my engine ??? ANY IDEAS?

Thanks

Yeah. You need to really get into that thing.
Drop oil pan first and find the crunch.
Dont forget to check your stator/starter clutch assembly to make sure things are ok in there too.

GL!