Well after much more consideration, and listening to what the sound is that is coming from underneath me while shifting and decelerating, I am convinced, almost, that it is not the belt.  I can see how some might think it is, it does sound like one slipping, but the noise really sounds like it is coming from the right side.

I bought this bike thinking that the owner was trying to hid something.  I know that it is probably a stupid thing to go ahead and buy when you have a real gut feeling on something, but I wanted the bike.  Cosmetically it is in great condition.  Unfortunately, a great looking bike wont get you too far. lol.  The first clue I had was how full the engine was of oil.

So I am going to guess, wild stab here, that the noise is clutch slippage.  I am not an expert, nor have I ever had this problem, so I might be completely off base.  But the noise is coming from that spot.  It only comes when I shift, or decelerate, and general only when I am travelling at high speeds.  It may have happened some before at low speed so I cannot rule it out.  It however does not happen at all in first gear, and if I time the clutch release just right it wont happen in any of the other gears.  However, I cannot make it not happen in 5th gear.  It always happens in that one.

Anyone have any comments, solutions, advise?  I am thinking someone put the wrong oil in at some point and it is what is causing it.  Would some good motorcycle detergent oil put in, driven for a while, changed, and then done over a couple of times clean the clutch of the antistickeries (lol).  Or am I looking at a gear issue?  At this point I am now just throwing darts out there so I think I will shut up and let you all talk back.  Thanks!!!

Maybe so.  I mean I am not an expert, so it could in deed be the belt slipping, it is just that the sound comes from the right and not the left of the bike.  I do plan on switching oil, and doing a couple of good changes in the next couple thousand miles.  I will ride and average of 500+ miles a month as long as there is not snow or ice on the ground.

The rpm's do not rev while underway at all.  So maybe that is a good sign huh.  At first I was seriously concerned with maybe it being the cam chain doing something crazy, but after studying the symptoms of cam chain wear it doesn't seem plausible.

Its a nice, fun bike to ride.  I just hope to get at least 3 years from it, or around 10,000 miles.  If I can do that then I will feel like I have gotten my money out of it.

Best way to find out, is to spray the belt with something (chain wax, wd40, Vaseline) and see if the sound changes...
Then you'll know...

The sound is a "whine", not a squeal, or a tick, or a rattle.  It is very comparable to holding the end of a cordless drill chuck and tightening it down on a bit or something.  Not the sound that the torque device makes, but the sound of an increased load on the drill motor.  It is NOT the exact same sound, but hopefully you can get an idea of what I am talking about.

it is so hard to describe noises in words, but my bike makes a kinda whirring sound (like the drill noise you described) some times, i think when down shifting from high speeds. its not consistent, so its hard to pin down. i'm not sure where it comes from but sounds like the right side too. that said, i'm pretty certain that it is coming from front belt pulley as a result of the engine speed being mismatched with the road speed and putting extra force on the belt. kinda like putting increased load on a drill. the noise could be coming from internal parts too like gears, but i don't think mine is the clutch.
are you matching your engine speed when you shift?

I will try the different ways of diagnosis, but I am still not convinced on the belt.  I have narrowed it down a little more as far as things that happen.  It does not make the sound in first gear at all.  In second it is a little, third through fifth is the whiners.  In third gear if I wrap it up to a high rpm and then let it coast down, like pulling in a parking lot or something, then it will make the sound until I pull in the clutch handle.  It only makes it on deceleration and not acceleration.  It is not intermittent when there is a load on the engine.  

Hopefully this information will help diagnose the situation more.  When I get time I will try the other things.  I was talking with a guy I work with and he made it clear that he absolutely did not know anything about motorcycle clutches, but that on a car when it makes that noise it is the throwout bearing.  I have no experience with either car or motorcycle clutches so maybe someone else that does with both can chime in.  Thanks again guys.

All the gears in the transmission are straight-cut gears, as is the primary gearing (engine to clutch). Maybe all you are hearing is normal gear whine, as these transmissions are far from silent. That would also explain why it sounds different in different gears, or under load versus coasting down.

What - am I the only one willing to risk the ire of bill67? The Sea Foam is, based on its ingredient list and the small amount used, unlikely to do anything useful to "clean the clutch and motor out." The basic Savage/S40 does not need synthetic oil, either. If you feel the need to clean out the engine and clutch, change the oil a time or two at short intervals (500 miles or so) using any 10w-40 oil. Shell Rotella has a good reputation in motorcycle use, either in conventional 15w-40 or synthetic 5w-40. bill67 will tell you not to use a diesel oil, but Shell Rotella also has the motorcycle ratings, so he is just blowing smoke. And no, I do not own any Shell stock.