hmm.. maybe you have vacuum leaks. This will inhibit a smooth idle as well as cause an inconsistant fue/air mixture and erratic engine speed.
Spray some Starter Fluid around the intake manifold (between the carb and engine) and see if RPM changes.. if so, there's a leak. Disassemble and coat the surfaces with Permatex 2 (non-hardening gasket sealant)
as far as oil out the exhaust, it may be just the collected rich mixture that you have been pumping into the engine lately..
Get the bike running well and take a ride for a few miles before making a judgement about oil out the exhaust.