Check the head gasket. These bikes are notorious for this gasket developing a leak: they harden, then crack -- on DOHC's, it usually means pulling the engine to replace the gasket.
To determine where the leak is, use a degreaser on the engine area that is suspect, dry it off, then run it for a short trip, long enough to spew some oil. Then dust it with talcum powder by blowing some out of the palm of your hand (you can also spray foot powder onto it). The powder will darken when it hits oil, and it should show you where the oil is, as well as where it is coming from. Cheers!
1979 CB750K (sold, 2012, but not forgotten)
1983 Kawasaki 440 LTD Belt Drive (sold, 2011)
1993 Kawasaki Voyager XII