In that situation you probably have about 4 choices. You can run straight off as Pat did and you will probably find the fence. You can sit the bike up straight and jump on everything to lose speed then pop the bike on the ground as you leave the bitumen. You can try to go round and when you reach the grass drop the bike and slide in a better direction. If you know the bike tightens it's line when you are on the gas, you can ride out of the situation. To do that you need to do it gently and smoothly, so if you have lost too many revs getting back onto the gas is a problem. If you are doing this with drum brake, pudding basin helmet and megaphone exhaust, it becomes almost impossible. 'Been there, done that' !
I feel sorry for Pat, I was once in exactly that situation. I was using a chrome plated single disc with Lockheed caliper in the front of the Seeley. Because I was leading a friend of mine who was riding a bike I'd built, I persevered when I should not have. I ended up in the slow dive to destruction. The bike came out of it before it reached the edge of the bitumen. These days I use two discs with Lockheed calipers and asbestos pads and the front brake is single finger operation to lock it. Much better if you can simply ride through the problem and become the instant hero.