I don't think it's leaking through the piston or valves, but oil in upper and lower chambers.
I have their instructions saved off on my office computer but I'm on a road trip, probably not with me. They are confusing and contradictory, talk about putting oil in the top and the bottom. In the top won't hurt, but it will come out into the air line. They say in one place the max amnt of ATF fluid is 2oz and in another, 6. They also say don't add extra oil but their rep that used to hang out here advised me to do that, to increase the compression rate and load capacity. That does work.
Here's a link from last year I posted on it. I thought there was one this year too but I'm not guessing the right search terms apparently. I'm thinking you can find their service and owner's manuals on their web site.
http://www.valkyrieforum.com/bbs/index.php/topic,53600.msg514018.html#msg514018Hi Mark!
I had already read your posts about the 416s and also downloaded your 3 PDF documents. These have been VERY helpful!
I'm not in a hurry to open these up since they don't leak. However I guess the light will come on when I have one of these opened up to change the oil seals.
Thanks a lot! Your reply, PDFs and informative posts have been very appreciated!

Normand