I am at my whits end with this thing! I bought it not running and have done the following.

Carb clean
Complete new top end
New wireharness
New starter
New ignition coil
New Battery
New petcock
Pulled oil pump and used block off plate.

Piston arrow is pointing to exhaust
I pulled Reeds and they were all gummed up so I cleaned them. All nice and shinney now.
Compression shows 120
Getting Blue spark from plug outside of cylinder when grounded.
Getting fuel to bowl of carb
Fresh Premium gas with 32:1 mix

When trying to start it just pushes out smoke and spits every now and then. I tried the standing the bike up on the back grab bar and holding throttle wide open but that didn't make a difference. I did notice once it spit it made a oil spot on the concrete. I have pulled the plug numerous times and it is wet. Any help would be great. about ready to set this thing on fire and watch it burn!!!!!!

 

If everything else is ok as you say,then possibly crank seals leaking. A lot of people over look them. Here's a good read I found even if seals aren't the problem.
ABOUT AIR LEAKS - The engine you

 

Thanks for the link. I will give that a shot and see what it shows.

 

Maybe the exhaust pipe is plugged up...

 

"I tried the standing the bike up on the back grab bar and holding throttle wide open but that didn't make a difference"
I take it you were trying to empty the cases of fuel.
Try the full throttle start while sitting normal.
I agree, check the pipe.

 

How would I check the pipe? when its turning over it is pumping out smoke. Ill try to get a video tonight an post it. Still haven't done leak down test yet.

 

Did you try new spark plug? If spark plug getting good spark outside of engine doesnt mean its good will an load on it... I didnt see that on your list.....Also try to start will exhaust pipe off for an few seconds.

 

Missed plug on the list I put in a new plug and gapped it to spec.

Here is a video. No throttle then I bend down and pull the choke still no throttle.
http://vid430.photobucket.com/albums...21AD8B116F.mp4

 

Your going to burn the starter up!
I'm thinking....

 

Definitely way to long on the starter..looks to me like the pipe may be filling with fuel and igniting.. or possibly the ignition timing is way out... maybe check and see if the flywheel key sheared..