Sounds like the bike may be very rich, which is probably what saved the engine. If you never loaded the engine real hard without the oil, the excess fuel could have kept all the temps under control and kept things from seizing.

I would check the compression and see how the cylinders/rings are. You may be OK. Just hope there is no scoring on any of the crank/rod bearing surfaces.
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Paul Herr
'88 FZR4/GSXR/YZF Frankenbike
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