This is what my oil looked like when I drained it from my 2005 Ultra Classic. It's a 1450 with 56,000 miles on it.
I haven't gotten into the engine yet but I think it's from my main bearings. Any thoughts from anyone?

 

From that photo it isn't easy to be certain of what we can see - sure that isn't just fine bubbles? Does your engine actually behave as if there is something wrong with it?

 

Looks like bubbles from here. If it was brass shavings, that much would surely have been making a noticeable noise. Need more info on what bike was doing/sounding like, or if you just rode around the block a few times before draining the oil.

 

The motor started clapping/ knocking while out riding. It also had vibration on deceleration.

 

Rats! Bubbles or not, it sounds as if your engine is in dire need of attention.

 

Has it ever been opened before?