Interesting read here, bike related article.
"While the oil is still suspended in the liquid gasoline, it can not lubricate anything. It has about as much lubricity at that point as straight gasoline. When the gasoline enters the engine, it evaporates, dropping the oil out of suspension. Now that the oil is free, it can lubricate the engine, but it must get to the
parts to lubricate them. The way it gets to the bearings and onto the cylinder is by being thrown around as a mist by the spinning crankshaft, and the droplets are distributed by the air currents moving through the engine."
"Some of the oil eventually makes it into the combustion chamber, where it is either burned, or passes out the exhaust. If the combustion chamber temps are too low, such as in an engine that is jetted too rich, the oil doesn't burn completely. Instead, some of it hardens into deposits in the combustion chamber, on the piston, and on the power valve assembly. The rest becomes the dreaded "spooge". The key to all of this working in harmony is to jet the bike lean enough to achieve a high enough combustion chamber temperature to burn the oil, but also still be able to supply enough oil to protect the engine. If you use enough oil, you can jet the bike at it's optimum without starving the engine of oil, and have excellent power, with minimal deposits and spooge. At 50:1, you simply can't jet very lean without risking a seized engine due to oil starvation, unless you're just putt-putting around on trails without putting the engine under much load."