What is this piece?
 

Wondering what this part is.
It's below and to the left of the balancing screw.
It has a wire coming out and a spring inside keeping contact to
some metal piece.
Just wondering what it is and what it does.
I'm leaking a small bit of oil from somewhere.
It seemed loose so I tightened it up earlier.
Not leaking noticeably, only after driving when I park I see
a drop or two after a few minutes. Doesn't do it after
the engine is off, or being parked overnight or anything.
So what is this thing, it will start with it connected or not.

Without consulting the manual. It looks like the oil pressure sender

workshop manual available here, says to apply sealant and torque to 9ft-lbs

Also, the wire terminal should be oriented to about the 10 O'clock position

^+1

I'm going to guess neutral switch....

oil pressure sending unit, as stated.

meh, tomato, tomatoe

Neutral switch is on the underside of the engine (in relation to where the transmission is located)

^^^^^^^

Bingo - to the man from the Cape :D

Sorry I could not stick around Wed's
- actually had to work :)

Thanks for all the replies guys!
wooferdog is correct.
So from the time I posted this it has turned from a drip or two on that day,
to today randomly...it started gushing oil.
I mean, leaked 3.5 quarts out on a 20 minute drive.
No warning or anything, just started riding and all of a sudden...leak.
Did some reading and the only thing this part does is
send the pressure info to the oil light.
Since I don't have an oil light, I went ahead and tried to home remedy it.
First used some super glue and let it dry for a few minutes.
It stopped the leak for the most part, but still dripped some.
As of right now, I have some JB Weld drying and curing on it.
Will let you know how it holds up tomorrow.

pics, just cause I know yall like em.

OPSU leaking like a B.
https://fbcdn-sphotos-a.akamaihd.net...06734614_n.jpg
see where it's coming from
https://fbcdn-sphotos-a.akamaihd.net...33762549_n.jpg
clean it up for surgery.
https://fbcdn-sphotos-a.akamaihd.net...58004118_n.jpg
supplies are ready
https://fbcdn-sphotos-a.akamaihd.net...33822853_n.jpg
after first dose of glue
https://fbcdn-sphotos-a.akamaihd.net...14576215_n.jpg
still leaked a few drops so added more glue and dried for a couple hours.
https://fbcdn-sphotos-a.akamaihd.net...86722788_n.jpg
now for the real fix.
https://sphotos.xx.fbcdn.net/hphotos...98414034_n.jpg
equal parts.
https://sphotos.xx.fbcdn.net/hphotos...52176790_n.jpg
mix on disposable surface.
https://fbcdn-sphotos-a.akamaihd.net...81546534_n.jpg
evenly coat.
https://fbcdn-sphotos-a.akamaihd.net...68286726_o.jpg
let dry and cure overnight.
https://fbcdn-sphotos-a.akamaihd.net...88707357_o.jpg
I'm thinkin that will do the trick.

As you can see in the first pic in the bottom right corner.
That streak of oil is from after starting, had the throttle cracked and
it spit oil out that far.
Bad leak. Smoking pretty good from oil draining onto exhaust.
Even soaked the right half of my back tire. Now scared to do right turns lol