When I removed the rubber tube from the spigot I noticed that the oil was dripping out instead of flowing.
The inner bore of the spigot is 3/16 ". Is that width enough for the oil feed.?
I use SAE 50.
Check your oil tank breather arrangement. I'm not an expert on M20s but there must be some sort of breather or vent in the oil tank. A blockage would mean the oil will come out in gloops as the air tries to get in the tank!
I would also check if there is no sludge which is blocking the drain tube.
You can try and push a metal wire from the drain pipe towards the oil tank,
And see if the flow increases.
If yes, then the oil tank would have to be cleaned, on or off (better) the bike.