Yikes! Any idea why? Is the rest of the mill drivetrain ok? No bad bearings? Looks like that motor really overheated! I am not familiar with the 601 but maybe someone here has some input. Have you talked to BusyBee yet?
Did you have any issues leading up to the motor burning out? ie slow to start, strange noise, roughness...
This thread has info on it. You might have better luck talking to Grizzly or Precision Matthews since it sounds like their motors are the same, but have someone compare actual shaft dimensions and specs before ordering, or compare the manuals, of which most are available on line. Can you post a pic of the shaft with dimensions? A treadmill motor might meet the specs.
https://www.hobby-machinist.com/threads/craftex-cx601-milling-machine-busy-bee.17339/