I have felt around the inside of the spark plug recess and it is dry with no oil!
Got me stumped!!!

 

How much oil is coming out of it?
If it's not seeping out, I wouldn't worry too much about it.
If it's seeping, then I'd do what Dean0 said and pull the valve cover and fix the leaky gasket.

 

It was seeping out the hole last time I rode it but there is no oil around the seal on the inside of the spark plug recess were the gasket is, which is puzzling.

 

I hate to even suggest this, but
could it be a headgasket.........................
What the h..... ll is that hole for anyway...............???

 

I suppose it could be leaking past the gasket and then following the plug wire boot to an escape route, which is that hole. It seems logical to me.
I know that the underside of my plug boots have a bit of oil on them.... but when smashed down against the valve cover, it doesn't seem to come out. If it could escape, I'd imagine it would.

It appears to be a drain hole for the spark plug recess (like michelle said).

 

It is definitely a drain hole because blew air through it and they are connected. There is no oil on the plug boot either.

This hole is for NO. 4 pot. Does any one know if the hole is connected the all the plug recesses? Maybe it's one of the other seals, like NO.3.

 

I think it would run through to #3 and the one on the other side would link 1 & 2. I don't imagine it goes all the way through as the CCT is in the centre cavity. I'm only guessing because we don't have the engine out of mine yet, but yes I would look at #3.

 

That makes sense, I will check NO.3 and see if that's the problem.
Cheers.
R

 

All fixed and it was number three because the gasket was misaligned. A little oil came out later but it has stopped now and must been residue sitting in there!!!
Thanks for the help everyone.