Yes, it does look like the level is different, provided the bike was in the same position both times. Both would be in specs for oil level. My oil level doesn't change noticeably either hot or cold. It might depend in part also on how hot the oil is. Hot oil expands and that will make the level look higher, but not quite all the oil has drained back into the crankcase. That scenario is a wash, so your reading is probably right on. If you start the bike, then shut it off and check the oil, that oil is still cold so hasn't expanded and there is still some that hasn't drained back so that reading would give you a false low reading. It takes almost 20 min. of riding to get the oil temp up. The engine and coolant temp is high after just 10 minutes, but not the oil. If you ride 10 min. and change the oil, the oil is only warm, not hot. Personally, I like to ride 20 min or longer pretty hard, then change the oil which is hot, but I don't know if it makes much difference. Easier to burn yourself that way though.