I think that changing the oil and oil filter before starting up an engine that has been sitting is one of the worst things you can do to an engine. The engine has been sitting and the oil film on all the internal parts has had a long time to drip off the parts....there is little or no oil on anything that isn't below the level of the oil in the sump. Then when you drain the oil you allow the oil that is in the intake pipe of the oil pump to drain out, and then you open up the oil filter housing and the oil runs out, and you put in a filter that is dry. When you start the engine the fresh oil has to be sucked up into the pump, then it must fill the filter housing and new filter.........and then when all that is done the oil begins the journey to oil the internal parts - and it is a long way up the cylinder to the cam and rockers.
You did good by spraying some lube in the cylinder.
Before I start an engine that has been in storage, I remove the spark plugs and spray in Sta-Bil fogging oil, then while the spark plug(s) are out I check the oil level, and I will turn the engine over with the starter for a few 10 second bursts......this will get the oil pumped into the bearings. Then I put the spark plugs back in. If I know the fuel was drained before the engine was put into storage I may try to start it - but anything that sat for a long time with fuel in it gets a carb cleaning before I even try to start the engine. This results in the engine running without oil for several seconds - this does happen when you do the regular oil change on your bike.....but they parts have a fresh coating of oil from the warm up ride you did before you drained the oil.
I wouldn't worry about the hot exhaust if you are running the bike on the sidestand and not riding the bike, as the exhaust and engine are air cooled, and meant to be moving while running. I would worry about the camshaft. It is not good to let the bike idle for an extended period while the bike is sitting on the sidestand. The engine doesn't make a lot of oil pressure at idle, and the sloping engine doesn't seem to oil the uphill side of the camshaft well enough.
http://suzukisavage.com/cgi-bin/YaBB.pl?num=1447331708The first thing you should do is clean the carb. Next check the valve clearance and the cam chain tensioner.....and hope that those are making the noise as those are easy to fix. The headlight and speedometer can also rattle and make sounds like the cam/rockers are coming apart.