Always check on the centre stand on level ground.
and it shoud be at the upper mark on the side of the sight glass.
No need to put it on the side stand just tip it over slightly on the centre stand to drain all the oil out. Less chance of knocking over the bowl and easier to get at the sump plug on the centre stand. Never had to use anything other than the sealing washer in 600000 miles of biking, but if PTFE tape make you feel better then use it.
If you do not have a torque wrench, note the location of the spanner when you put it on the bolt to open it and tighten it back to around the same position (Use a ring spanner). Frame is in the way and makes it awkward to use normal sockets.
Follow what Ade the blade says and don't go washing the cups and saucers in the bowl aftwards
Just for a little information, the oil light is an oil level light not an oil pressure light, and if it comes on the level is low and dont' be to supprised it it takes about 200 to 300cc more oil than recommended.