In a 2-stroke engine, you have a canister where you have your 2t oil... this 2t oil automatically mixes with your gasoline and act as lubricant when the engine is running... this explains the bluish smoke coming out your pipe...because your engine burns both gasoline and oil.
In a 4 stroke engine, the gasoline is separate from the lubricating oil... you have a wet sump where oil is kept and you need the dip stick to monitor the oil level...
Engine design and operation is also different between the two... you can google some videos in the internet for a more comprehensive information...
Here's one....
http://www.animatedengines.com/index.htmlHere's a typical 2 stroke motorcycle engine... If you notice there's an oil tank that feeds oil to the engine... and it does not have a crankcase oil with the dip stick.... The oil tank has a round glass window wherein you can see if 2t oil is low... no need for a dip stick..
In your case, you have an oil tank under the seat with an electric oil sender switch... The maximum capacity of the tank is 1.1 liters... once the level drops to .5 liters... the oil warning light lights up which means you have low oil and time to fill up... no dip stick...