You're going to have to pull those chrome head covers to find out,.. but, a leak that big, that sudden... I would guess it's your crankcase breather hose...
If so,.. that would be good... just replace the hose...

Good luck... show us a pic with the covers removed...

If it's clean on top then it's the head plug.
check in front on the left side of the header, you'll see a hole.
on the bottom is a head bolt, above it is a hole that can leak oil.
if the nut is covered in oil then that is it.

check this bolt/nut by the exhaust

there are 3 bolts up top that require a sealing washer.
also the valve inspection covers will leak if the oring has gone flat.

looks like it time for...
http://suzukisavage.com/cgi-bin/YaBB.pl?num=1335737953

If, while you're in there , you decide to pull the spark plug, make sure there is no sand or gritty stuff to fall in.
Now is a good time to modify the right side cover of to swing away, and give access to the plug, without having to pull the tank. If you do pull the tank, prepare a place to set it down and not bend the speedo cable too sharply. Both hands full of precious painted metal that you can't set down is unfunny.
A  rag on the tank while handling the tools to remove it is not a bad idea. Getting the stock petcock to clear the frame is often a hassle, some have declared it impossible and drained the tank and removed the petcock . If I pulled it off, I'd be putting the Raptor in. And, you're probably gonna, at best, scrape frame paint off. I was able to get the tank off by lifting the back end until the petcock hit, then slapping the tank to force it over as I lifted.

So I got the headcover removed this evening...with the help of my 4 year old. The oil plug/cap was covered and submerged in oil. When I went to go remove it its like the plug was 10 times smaller and it came out like nothing. It's gotta be where my oil was coming from.

I replaced it with a verslavy and will do a complete oil change and torque the headcover bolts down. Before I do an oil change I'm gonna check the tensioner as I'm sure the bikes previous rider was rough on it.

Thanks for the advice Dave. Torquing down the bolts is one thing I've dreaded because I don't want to deal with snapping one off. I did notice that when I was removing the bolts there was a lot of "grinding" as if the threads weren't playing right...not to mention some of the aluminum threads were filled with oil.

On another note...the headcover is absolutely disgusting can I use carb and parts cleaner to clean it off?