If it was my bike, I'd want to know for sure what oil was in it before I ran it.  For the few dollars it will cost, I say change it.  Someone wiser than I will have to tell you what to put in it for that break-in period, though.

Are you new to motorcycles?  If the bikes been sitting for three years, you might need to clean the gasoline by adding some "seafoam" for example or similar carb cleaning gas shellack removing additive. Gotta check the brakes are functioning and the tires have no rot.  You might get the folks running your class to give it a once over; and if your handy yourself, definately an oil change as mositure that condenses in an engine is not your firend.
The scratches and busted tail light suggest the bike has been dropped Have someone who rides take it for a test to make sure it is in alingment, running straight and true.  Enjoy the course..Motorcycling is fun.

I guess I should have elaborated a little more.  I had a friend who has been riding for 20 years go with me and take it out for a ride.  He was impressed with it and said it handled well and looked to be in very good shape.  About 50 of the miles were just put on the bike not too long ago.

I do all of my own car maintenance so I have some mechanical ability, I have just never delt with a bike before.  I actually planned on doing a complete once over and changing everything that needed it.  

It really doesn't look as if it has ever been dropped.  Looking at the muffler, it almost looks like some plastic or tar might have melted on the pipe and sombody tried to clean it off.  As I said the light that is hanging is on the opposite side from the muffler so I think it might have had a box or something heavy dropped on it while in the garage.

Ed

Welcome and congratulations,..go ahead and change the oil, I do it instantly whenever I buy a bike...It lets her know you're gonna' take good care of her, so she'll take good care of you...
Ride safe, enjoy

I also recently picked up an 06 S40 with only 150 miles on it. It was garage kept and in great condition so I changed oil, put in fresh gas and checked the tires and the adjustment of all the cables. I also  checked the water level in the battery and inspected the air filter. Even a low mileage bike could have a dirty air filter. I also recommend that you invest in a battery tender if you are not going to ride it till you complete the BRC.  

At 600 miles I did the full service myself including the valve clearances and torquing the nuts on the head.  It's not hard and is a good way to get familiar with the bike. And some dealerships will rip you off blind for this service.

Oh yeah, and don't be surprised to find some floating flecks of metal in your waste oil from your first oil change.  Its normal.  Finding  a japanese wedding ring with a finger still attached it fairly unusual, but metal flakes should not freak you out.

As some others say above, change the oil - it's not worth risking it being old for the sake of a few dollars.  Make sure you run her up nice and warm before you change it - and change the filter too.

Fill with an ordinary reasonable quality mineral oil until you've finished the break-in period, then change to synthetic.  After the odometer hits anything from 600 to 1000 miles, change to Mobil 1 V-twin which is the best thing on the market for air-cooled bikes.  It looks expensive, but you leave it in the bike for twice as long as ordinary oil (10000 miles easily if you can bring yourself to do this) and it will still protect your motor better than brand new dino oil, so it works out cheap in the long run, not even counting the fact that it will reduce wear and double the life of your engine.

I wouldn’t bother draining off the old fuel unless you suspect it’s not running right, you might be throwing good cash away, though if you top up the tank with new fuel as soon as you can, the bike will get the benefit of fresh factory additives.  Fuel can lose some of its octane rating over time but that’s not a problem with the Savage at 8.5:1 compression!

Sounds like you got a "find." Enjoy it. keep it running. MCs that run are happier.