I would expect that gas has made its way into the oil if it's still pumping into the airbox.
They do normally blow some oil into the airbox, especially with extended high RPM running, but it shouldn't be excessive.
What typically happens is the tank has debris in it, and it gets past the screens and into the carbs, where it keeps the float valves from closing. If the petcock isn't functioning properly (should not flow fuel unless there is engine vacuum) it will not stop the flow of gas when the engine isn't running. When both happen at the same time, gas overflows into the crankcase and mixes with the oil.
You may not be able to tell it's a gas/oil mix through the sightglass.
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