I just went through this with my kid's KTM 200.
To make a long story short, there was a porosity in the casting between the water jacket and the power valve chamber. When the bike was running and the system was pressurized, the coolant would blow into the power valve chamber, and then run down into the transmission through that cavity.
It took a while to diagnose. We bought the bike from a friend who we know and is a good mechanic, so my first thought was bad head o-ring. when i pulled the top end, it looked fine. So, I pulled the cylinder and when I looked, found a torn base gasket between cooling jacket and power valve cavity.
Ah ha!
Wrong.
I must have torn it pulling it off of the cases.
Put it back together, same problem. I had to travel that week, so I thought buy water pump gaskets/seals, and replace those on my arrival home. Did that.
Wrong again.
So, guessing didn't work, so I built a rig to allow me to pressurize the cylinder, and when I dunked it, i found the pin-hole leak. I jb welded it, and we've ridden the bike now 100 miles, and it uses no coolant and the trans oil (after 5 flushes) is clear.
These aren't always easy to find (this took me a few hours), but my guess is you might have a bad base gasket, head gasket, or porous casting.
Good luck.
blitz