Most likely not transmission (trans issues not common, but possible) but possibly clutch plate broken, big-end or main bearings. Do not start it anymore (piston may not be cracked yet, but running it even for a short time on a wasted bottom-end can crack it apart causing catstrophic engine damage)! Being unable to see the bike (long-disance diagnosis), drain the oil (look for metal bits, no metal shavings means the issue is not clutch or trans related), Pop the clutch cover & pull the plates (you'll have to anyway if it's not a broken fiber or trans related). Pop the ignition cover off and see if you can move the end of the crank up & down (shouldn't be any movement). If the issue isn't clutch or trans, pull the engine because it's time to split cases.