Gasoline Diluted Engine Oil

[dgc67]

bought a 82 parts bike with no title. When I pulled the hose off the back of the petcock the gas came out with very good pressure and completely emptied the lower tank, the main tank was already dry. This gas was three years old and smelled really strong.

That is because the fuel pump is AFTER the petcock, not to mention you let it drain out a level lower than the carbs and with NO needle valve to at least attempt to stop it.
If you have doubts, and a 84 or earlier bike, leave the petcock turned on, pull the fuel line off the carbs and point it straight down into a jar or can and see just how much gas empties out.  Not much will, just what is in the line.  Something else to consider is that the fuel line leaves the fuel pump, goes through a filter (if stock) then turns straight UP runs along the top frame rail (well above the carb bowls level) then once under the "real" tank it drops down below the carb bowls, makes a loop and goes back UP into the carbs.

I am not saying turning off the petcock is useless on a first gen, I recommend it as well.  I am just pointing out the HUGE difference between a 1st and 3rd gen.   

[WayneCowen]

Close out report.....I hope. 
After having this problem for maybe 9 months and running carb cleaners through it a couple of times, for no apparent reason it decided to clear itself today. 
Started OK as usual but would take no load.....even worse than it had been!  Nursed it up to about 3K RPM in neutral and held it there for a lengthy period. Some improvement so I took it down the street....after a short distance it started to run rough, cutting in and out.  After a few laps around the block at relatively high rpm, it began to smooth out and I could feel the power return. Now appears to be running fine....fingers crossed!

The board consensus has been restricted carb or stuck float and that appears to have been the case.  Will ride regularly with fresh fuel and hoping I have no further issues...at least in the near term.  After all, it's only 27 years old!
Thanks to all for your comments.

[a65bug]

I'd still recommend a carb rebuild, it could be running ok but losing power if things are partially clogged.  Had that with my V45, when I got it it ran nice and smooth but was kinda lacking in the power dept.  Rebuilt carbs and it became a whole new bike...things were pulgged enough for it to lose power but still run relatively smooth...

[guywheatley]

Close out report.....I hope. 
After having this problem for maybe 9 months and running carb cleaners through it a couple of times, for no apparent reason it decided to clear itself today. 
Started OK as usual but would take no load.....even worse than it had been!  Nursed it up to about 3K RPM in neutral and held it there for a lengthy period. Some improvement so I took it down the street....after a short distance it started to run rough, cutting in and out.  After a few laps around the block at relatively high rpm, it began to smooth out and I could feel the power return. Now appears to be running fine....fingers crossed!

The board consensus has been restricted carb or stuck float and that appears to have been the case.  Will ride regularly with fresh fuel and hoping I have no further issues...at least in the near term.  After all, it's only 27 years old!
Thanks to all for your comments.

That sounds almost exactly like what happened to me earlier this year. (About 4 weeks ago.) Once it cleared out, she ran better than I ever remember. Deceleration popping was almost completely gone. It's starting to creep back in now, and occasionally I can feel her hesitate. Still runs pretty good, just not as good as it was right after it cleared up.
I guess I ought to rebuild the carbs, but I'm not a performance junkie, and I've got a looooonnnnng list of projects waiting on me. As long as she keeps running like she is, I'll keep riding her.