Senator Kruse has introduced a new bill, SB 694, which allows for lane splitting only when traffic is 10 m.p.h. or less and limiting the motorcycle to a 10 m.p.h. speed differential ("lane filtering"). The bill is currently waiting to be referred to the Senate Committee on the Judiciary. A similar bill, SB 172, is already before the committee.
The text of the bill can be found here: https://olis.leg.state.or.us/liz/2015R1/Downloads/MeasureDocument/SB694/Introduced