my first real ride

ok i went out on my sv for the first real day out yesterday as i was off work the sun was out and my mate had the day off as well. so this has been the first real time i could check the bike for problrms and there was some.

my oil light comes on at idle and stays solid till i increase rpm then it goes out, i have checked the oil level and cold its just a little under max line.

so i went for a ride any way just kept my eye on it went to pick my mate up, got him on the back and off we went i noticed a ticking from the engine so im thinking valve clerences is this right?

we then decided we wanted to see what this girl would do two up, so i went to an old airfield strip i know with a long runway and gave it a good run just to get an idea what it felt like at speed, then the second time i went for it, just below the red in each gear, went fine round to 4th, then i clicked it into 5th, went ok then round at 120mph (did not look what rpm i was doing) it just fell out of gear WTF is that about so decided not to do it again and just took it easy?

anybody got any ideas on the these problems?
apart from this i really enjoyed the ride the sv felt stable on the road even with a pillion, loved the torqe this bike has got. next time im out on my own will be looking at getting the knee down

With regards the jumping out of gear, could be something else but on a cbr I had, it kept jumping out of gear in the higher gears.

I was convinced something was knackered in the gear box - one day I thought I'd just adjust the clutch cable and problem cured, seems like the clutch cable had stretched and I assume it wasn't engaging the gears into place properly or the clutch wasn't disengaging properly.

I tightened it up at the bars and it sorted it.

If your engine ticks could be your not getting oil round it and could definitely be the valve clearences, I'd get them done asap as continual ticking is not good.