Please put your year and model either in your signature or under you Avatar on the left hand side.Then I can direct you to parts better
It's a good sign that there's no metal in the oil.You may caught it in time.This is the single most common service point on these bikes when they have been run and then left/neglected and cause of ruined engines.It's time to get the engine out and change the Cam-chain and check the Cam chain tensioner and Guide.They are getting hard to get new so hopefully your old ones will be OK.
Once done the engines are usually good until the cam-chain needs replacing again after around 50,000 miles depending on how well the bike is looked after.
If you read this thread you will see what a well looked after CX/GL500 normally does/uses,
viewtopic.php?f=20&t=289 If when you do this job you can post some pictures of the tensioner and guide I can advise better at that point.
You will need at least,
New Cam-chain.
New Water Pump Oil seal,
Number 11 on here,
http://www.cmsnl.com/honda-cx500a-1980e ... t/E12.htmlThey get brittle with neglect and then fail when you re-fit the rear engine cover/case.They are cheap enough.
New rear engine cover gasket or make your own,
viewtopic.php?f=10&t=256You
CANNOT fit the rear engine cover without one as it will cause the engine to bind and can ruin the Stator.
You should also test the stator just to be safe,
viewtopic.php?f=8&t=30If you had no charging problems you may be OK with the present one.Some -people change the stator having taken the engine out as a matter of course but that's your decision and depends on funds available.
Read this thread as well,
http://choppercharles.com/cs/forums/126 ... wPost.aspxThis is an old forum post so you cannot use that forum as there is now a new one,
http://cx500forum.com/