I would like to confirm with other 06 YZ450F owners, what type of cold oil level reading you get when the bike has been sitting over night. Mine will just barely have any oil on the tip of the dip stick. Is this what you are seeing? Is this normal?
The manual says to run the engine for over 3 minutes then check the oil level, and it should be between the two dip stick marks. It seems strange for the oil level to be so low after sitting over night. I thought that the oil would drain down and fill the tank and give a higher reading.
I haven't even run the thing since I got it from the dealer. Just making sure that everything is set up right before I take it for a ride on Wednesday. This low cold oil reading kinda worries me. Do I need to add oil before I fire it up. Maybe I should just drain it and refill it with the recommended quantity.
Thanks.

Your bike has a semi-dry sump.  The oil is settling elsewhere when the bike is not running.  This is why you need to run it first.

Yamahas are shipped from the factory with oil in them.  Maybe not the right amount, usually too much, believe it or not.

Follow the instructions, you'll be OK.

Dave

Yeah, my dealer was very specific about how to check the oil. Just like the manual said. I really like the time they take on the 'pre delivery' with a tech. The same tech that works on their own race bikes, takes the time to teach me about my bike. That really helps me feel more confident in working on my own ride.  

Decreasing Dave said:

There's nothing semi about it; it's a dry sump.  The fact that the oil tank happens to be inside the engine doesn't change that fact.  It still has two oil pumps, and still stores the oil supply away from the actual crankcase in an isolated (if not remotely located) reservoir.  As the bike sits, the oil does what all fluids do, seek out the lowest place it can get to.  It will gradually run past the feed pump shaft and into the crankcase, throwing off the reading on the dipstick.  running the engine for a couple of minutes gives the return pump (which pumps oil about twice as fast as the feed) time to put it all back in the tank, so you can tell how much is actually there.

Thanks everyone. I feel better about firing it up now. I'll check the oil according to the manual.

I just bought my 450 this weekend and haven't had a chance to ride yet.  I saw you were from AZ but didn't know if you were in Phoenix.  I'm headed to Speedworld tonight to try the new bike.  If that's where you're headed stop and say hi.  I'll be the one going around the track at half throttle for the first hour.