50:1 means fifty parts petrol to one part oil, by volume. It is not fifty percent of anything, and the “1” is the oil. One litre of petrol takes 1000 ÷ 50 = 20 ml, which works out as 1.96% of the finished mix.
Because the oil scales with the fuel, the figure per litre never changes — 20 ml at 50:1 whether you mix one litre or twenty. People describe the same mix three ways: 50:1, 2% and 20 ml per litre are all identical.