It is regrettable you did not tell us the model or year of the bike.

If the oil seeping around the points shaft smells of gasoline, then your engine has most probably "fuel wet sumped". This happens when fuel from the gas tank bypasses the petcock, floods into the carb, then trickles down the intake port and past the piston rings to end up in the sump with the engine oil. It sounds crazy, but it's a common occurrence on gravity-fed fuel systems.

There are several immediate actions to take....
• DO NOT run the engine until you change all of the engine oil, including that in the oil filter housing.
• If your bike has an oil cooler, then drain those oil lines as best possible.
• Replace the seals in both petcocks.
• Replace both float needles.
• Check the air filter (especially if it's paper) for wetting. Replace if necessary.

What's happened is the gasoline increased the volume of liquid in the oil pan. As the pistons approached BDC the internal volume of the sump decreased, and the excess liquid was violently forced to bypass seals and other safety measures. A big slug of liquid probably also jumped out the engine breather, thereby soaking the air filter.

This situation is dangerous in that the engine oil has lost a major portion of its lubricating value. Note that avoiding this situation is why petcocks are provided in the first place. This is why fuel injection systems don't need petcocks.

Since petcocks aren't a 100% guarantee, I always suggest storing bikes with the float bowls removed.

Hope this helps.