No one really uses "oversteer" or "understeer" to describe what happens on bikes. They'll use the term "running wide" in place of understeer, which is what happens when the bike can't track a line through a bend. It usually occurs when a bike is set up too soft and usually ends up with the front end sliding out, which leads to a lowside. Oversteer on a bike is when the back end slides out first, just like in cars. If the back end continues to slide the rider will lowside. If the tire slides out and then suddenly gets traction, the rider will highside and be thrown off over the top.
And Rhino--The suspension on my Evo was by Robispec and the engine work was done by Works in CA. When they campaigned their car they invited me and 8 other drivers to compete for lap times. I didn't get the job, but I took some consolation in being faster in my S2000 than any of the other drivers were in their Evo. I could never get the suspension dialed in. It was outstanding on the street, but on the track I had to drive it like a rally car to get the best times.