First off - All liquids EXPAND when heated. It's called thermal expansion. This includes oils.
The reason you check oil when it is hot is because,
1. They want the oil in the most fluid flowing state, where the excess returns to the pan at the bottom of the engine, relatively quickly (hence the 5 minute wait), thereby giving the most accurate reading on the dipstick.
2. During the warming up process, the oil is being circulated and is literally "coating" the various internal component with a fine film of oil, and in some places inside of the engine, even more than just a fine coating. Again, the excess will drain down quickly, but the amount of oil used in this coating process, is significant. If the engine was cold, then this would not be the same and the level on the dipstick would read unusually higher than it should be.
This is also the reasons why you should never "chase" the FULL mark on the dipstick. There is a MIN and a MAX line on the dipstick. ANYWHERE between these 2 marks is NORMAL and just fine. The motorcycle will run perfectly with the oil level anywhere between these two marks.
OVERFILLING the oil is detrimental to the operation of the engine. Excess gets drawn up into the airbox from the positive crankcase ventilation pathway, which routes oiled air from the crankcase, back into air box for burning in the cylinders. When the engine oil is overfilled, literally liquid oil, not just oiled air, gets pulled up into this ventilation system and can deposit significant amounts of liquid oil into your air box, causing a host of running issues.
I hope this helps explain it for you. Good luck!
All good points.
That said, my only quibble -- from, as most here know, a guy who loves wrenching but is ... erm ... challenged by it
-- is your use, twice, of the word "significant."
I am not as much doubting that as just trying to comprehend how it could be significant in the context of the amount wandering around upstairs -- thus affecting dipstick-visible oil level -- or, absent gross overfilling, enough to affect running from a slightly sloshy air box.
Over the years, and especially in the Norge now and then, I have occasionally been guilty of "chasing" the full mark, and have thus had too much oil in the air box. In those instances, while annoying, I do not recall running issues, just a minor embarrassing mess to clean up.
Moreover, with the Norge and the others, I have been curious about the difference between checking the oil level when engines were hot and cold. I have also been interested in finding a mark on dipsticks while on side stands. As I recall -- not necessarily to be confused with actual facts
-- there were not, at least to my mind -- significant, or, FTM, particularly discernible differences in levels on the dip sticks.
Be all of that as it may -- and it might not
-- thanks again, Scott, for your reminder about the engineering behind the metal curtain.
Bill