Help me Obi Wan Kanobi you're my only hope!

Well excuse me if is this stupid question, but I am really new user of GS from 1990 and do not want to harm it 

Short story:
I bought new bike (test ride was ok, no problem at all), drive it about 15 miles to garage. A few days later I want to take it to my home. I checked bottom of bike, no oil leaks. After 2-3 minutes of engine warming on side stand I realize, that oil light is flashing or sometimes lights permanently. Panic & turning off, checking of oil level and it was about 5 mm under LOW level. I fill engine quickly with some oil and slowly get bike after 10 miles to my home. No flashing during ride.

Facts:
- oil level was too low, lower that the LOW mark. I dont know how long (certainly at least "my" 25 miles + some that previous owner rode)
- it looks like starting the motor makes no problems and during ride I did not heard any banging or something strange
- I think, that oil light was not flashing during my first rides
- previous owner said, that bike was in servis in springtime, got new oil&filter and was ready to ride. But thats what all people said, only thing I know is, that bike was riding ok (or it looks like)

What do you think? That oil level scared me a little. Is there real posibillity, that engine may be seizured less or more? Should I visit servis just to being sure. Or check something myself (how can be seizure or its starting identified?) to prevent engine damaging. Or you recommend just changing oil, filling it to proper level and if everything looks all right, just forget and enjoy riding?

Thanks for your help, I am worried about my Suzie health

The flashing oil light is a major concern, but if you have a low idle or other problem, that could cause the warning light.

If the oil was still visible on the dip stick, it's not low enough to be an issue.

5mm doesn't help me much. How much oil did you have to add to get it within the normal range?

GS500 consumes oil. It consumes cheap oil much faster than quality synthetics. Some use is normal, and you must absolutely check the oil level every time you put gas in the bike.

Run it. Listen for a metallic ringing sound at 5000RPM. One may develop in the next few thousand miles. If not, everythings probably okay. If you hear the noise, stop running the bike, drain the oil, and look for any signs of metal in the oil drain pan. If you see signs of metal, plan to replace the engine.

I think you dodged a bullet.  Normally if something goes wrong with low oil it's below the dipstick and it's immediate and catastrophic (loud clanging/engine shuts off). Likely because you weren't at speed and there was still enough oil to be on the dipstick, you will be okay.

- Bboy

Thx for reply and useful advices! While reading service manual I find out two possible mistakes:

1) Should I measure oil level on stand with back wheel on ground, or without stand with both wheels on the ground?? I was measuring without center stand with wheels on the ground. (I dont have original owners manual for GS 500E 1993 and after some googling have bad feeling, that version I have dowloaded is for 500F with different engine and process)

2) Engine has idle about 1500 rpm. Maybe too low?

EDIT:

I dont get it:

"Put the bike the center stand (or keep it completely upright somehow) on level ground." (http://gstwins.com/gsboard/index.php?topic=22993.0)

"Always check the oil level of the bike with it held upright (not on the side or centre stand)" - (http://wiki.gstwins.com/index.php?n=Maintenance.EngineOil)

"Stop the engine and place the motorcycle on its centre stand. Allow it to stand undisturbed for a few minutes to allow the oil level to stabilise. Make sure the motorcycle is on level ground." - (Suzuki GS500E Twin, Service and Repair Manual, Models covered GS500E. 487 CC. 1989 to 1997:)

...yeah, small discrepancies over the years... and small arguments pop up from time to time over it...  Fact is, the level doesn't change significantly enough between on centerstand or on both wheels to matter (For a stock GS500 that is).   What's most important is that the bike is level and that you do it the same way every time, so you know when exactly it changes...You want to know that the difference in oil level isn't how you read the oil 'this time', because you do it the same every time... which is often why folks will put it on centerstand because its consistent.  Also, realize that a hot engine will read a slightly higher oil level than it does once its cooled down.  Anywhere between the two marks you are good... but there are bad problems too high above the line, and too low below the line... so keep it in between, closer to full.

One generally accepted method is to warm the engine by running it for about a minute.  Shut the bike off.  Put the bike on centerstand.  Unscrew oil dipstick, wipe it off with clean, dry cloth.  Reinsert dipstick, without screwing it in (should only rest on the engine cover to read it).  Read level.  Ensure level is between High and Low, and top off the oil if needed.  To top off the oil, add small amounts and recheck level by accepted method above each time you add more oil.

- Bboy

1200-1500 RPM is a good idle, I always kept mine closer to 1200. My previous 2002 needed oil every 1k miles and ran strong. They just eat oil.

i like my idle at 950-1100,.....blup blup blup,....in the morning