Here is my "theory":
When the bike is running on a perfectly flat and smooth road surface, this would not happen, but if the road is uneven, e.g. grooved, the front wheel maybe slightly deflected to one side or the other. When the front wheel is deflected, say, to the right, this would cause the body of the bike to lean slightly to the left. This would cause the front wheel to reorient to the left, which would then cause the body of the bike to lean slightly to the right, which will cause the front wheel to reorient to the right... Thus, the oscillation.
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