I own a 2005 Yamaha V Star Classic (650cc) and with money being tight, I didn't feel good about the idea of taking my motorcycle in to the local Yamaha shop to get serviced. Here I will spell out some important items that others may benefit from.
First, a couple of points. You will need some oil and an oil filter. I used a FRAM oil filter, I had to have it ordered from AutoZone. It was $5 and arrived in a couple of days. The FRAM part number is CH6004. According to the manual, you want to use Yamalube 4 or SAE10W30 engine oil. Oil grade should be API Service SE, SF, SG or higher. I picked up three quarts at the local YAMAHA dealer. When I got there, I was informed that Yamaha no longer produces the 10W30 and I should use the 10W40 instead.
I let my bike run for a couple of minutes to get the oil warm before I drained it. I cut the bottom from a plastic tub and used as an oil pan, as my regular oil pan would not fit. The tub worked great.
Open the fill cap, then locate and unscrew the oil drain plug. These are both pointed out in figure 1. The drain plug is hiding underneath.
After the oil is drained out, go to the other side and removed the access panels to get to the filter element. Once you remove the filter element, site the bike upright to let the remaining oil drain out.
Once the oil is completely drained, screw and tighten the drain plug. Install the new oil filter element. Put the access covers back on and finally refill your oil resevior. That's it!