I believe that's a breather/accumulator used to take crankcase vapors and feed them back to the airbox. Think of a PCV system for a car. The tank is used to collect the really drippy stuff. The maintenance on it is to remove the plug in the end of the hose, and drain the tank about every month or so.
D/L the FSM from the home page, and it should talk about it in the Maintenance section.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.