Dark grey primary fluid??
 

Hey guys I have a question, I recently changed my primary fluid ( about 300 miles ago) and yesterday I opened the derby cover to adjust my clutch and the fluid has dark grey almost black streaks in it. Is this from the clutch not being adjusted, or some other problem? I do not remember the fluid being this way when I changed it. Thanks.

what kind of fluid did you put in it? ..also is there any strange noises from the left side...if you used a regular motor oil in it,, it may be normal...if the chain is loose and rubbing the houseing it may be wearing away some metal, which can cause a grey color to the oil...

Might be friction material from your clutch plates.

I used HD formula plus, I was adjusting the chain and the clutch when I noticed it, the chain was too tight and the clutch needed to be adjusted. I thought it might be from the clutch. It has a graphite look to it. I have heard a noise but I can not find where its coming from, it sounds like something is loose. I re torqued all the fasteners on the bike and it was still making the noise, that's why I decided to check the chain and the clutch

Well...here's what I do.
Assuming shifting is normal.

Correctly adjust the clutch under the derby cover correctly.
Check and/or correct the primary chain adjustment (follow your service manual guide).
Inspect the clutch basket (known issue do a search).
Change the tranny fluid w/ Formula + again then later drain to monitor the "greyness" in 500 to 1000 miles.

Optional send the current oil sample to Blackstone Labs so they can identify what the grey material is.

I'd guess is it clutch disc friction material or material from the clutch basket.
Clutch basket issue could explain the noise.

Double posted

from your description,, I would say that your primary chain is loose and contacting the housing...i would try tightening it to spec. and see if the noise goes away...if it does change the oil...