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Engine Mechanical TopicsDiscussion for motor builds, cams, head work, stripped bolts and other engine related issues. The good and the bad. If it goes round and around or up and down, post it here.
Would a broken ring not cause loss of compression? Would low or no oil pressure not cause ring failure? Could that brief squealing noise he heard not have been caused by friction in a cylinder that was running without oil? Pure speculation I admit and, as others have said, no way to know without a tear down.
You will need to open it up anyway. A cylinder leak down test will give a bit more information.
But anyhow you or HD shop or Indy will need to tear it down.