On my CB77 the hose ran down the back of the engine thru the clip to hold it, then to the right and out with the wire bundle. Think it was meant to oil the chain if any oil happened to come through. If you have a lot of oil coming out of it, there is some crankcase blowby. Mine shows no oil.
Jim
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Latest Registry Entry
1965 Honda CP77 — Ulsan Metro City, Rep. Korea
Restored with original parts — Owner: J. Doe