There should only be a bolt there and it's one of the crankcase bolts. Hard to tell from the pic but the hole looks threaded and someone could have put that contraption there for some kind of other linkage or bracket that they removed before selling the bike. It's definitely not for access to a timing mark on an EFI bike. I'm sure someone will recognize what it was for sooner or later. I would personally remove it and buy a crankcase bolt to put back in there with some thread locker and torque it to spec.
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Last edited by RGKen; 04-30-2019 at 09:31 AM.