Yeah the oil level was super high. I drained some last night until it came down into the normal level on the oil level glass, but the stuff that came out definitely was not oil. I'm 95% sure it was gas (judging by the smell). Sadly, it was dark and I stupidly didn't get a flashlight to get a better look at it.
Could that be the cause of the crankcase breather white smoke? I just did the earshave mod and rebuilt the carbs, so could it be that I need to tighten the needle screws on the carbs since too much gas is getting into the oil?
Yep, gas in the oil.
Can be a stuck float, but also check the vacuum line from the petcock, if it's wet, that's a problem with the petcock diaphragm.