Is that horseshoe breather on both heads?
a. Yes, rings could not hold compression and blow past the rings.
b. Which now brings up: What is the compression reading?
c. Revving the engine up a lot can cause a lot of blow-off and send that excess to the air cleaner via the horseshoe breather tube.
Clean the whole bike with gunk/S-100 or some oil cutting agent so the bike is oil free.
a. Let the bike idle. See a leak? No.
b. Take the bike for a short ride. Any leaks? No.
c. Run the bike out with a farther loop home. Any leak now? Yes. Air cleaner area? Push rod area?
d. When looking for oil leaks, plant the eyes higher above the leak. It could trickle down higher above and you are looking eye level or lower.