I changed the oil not to long ago and went by the manual exactly to check it. It says to:
1. Allow the engine to idle for one minute, then stop
the engine.
2. Remove the filler cap/dipstick from the oil tank,
wipe the dipstick clean and refit the filler cap,
pushing it fully home.
Of course make sure the bike is up on straight and not on the side stand.
I did just that and the oil was high so I siphoned some out and did it all over again until I got the level correct. Then after riding the bike for a while the oil level was low! So talking with other R3 owners as long as you check it and it isn't VERY high you are good. If if is to high it will plow out the oil cap/dipstick. If after riding it for awhile check it periodically. I have gotten where I just look in the tank and if I see oil close to the top then it's good. I can't figure out what the best method is but as long as I see oil in the tank while the bike is cold, hot, just shut it off etc then it's good.