As Steve said, check fuel flow - half a pint of ale says he's on the money.......

 

makes sense its fuel, compression is good that means it is NOT rings, head gasket, or valves.
Since you just worked on the fuel tank and petcock I'll say you have restriction in the fuel flow, maybe some of the coating or the trimmings.

 

I am at home today working on the bike. I have taken the tank off the other bike and put on the CBR. Starts up fine with great fuel flow to the carbs. Still light smoking (white color) expecially when I rev theengine up. I have just pulled the carbs to clean them again (just working forward).

Also before the carb pull I plocked the air intakes into the air box witha clean ragto see if it was too much air and there was no difference... justincreased in rpm's.

 

Let it run until it gets nice and hot. My guess is that the thinwhite smoke is water boiling off from your exhaust system. It happens to my bike practically every time I start it from cold - if not every time.As soon as it's warmed through it should clear.

 

Back together now...and it is really starting to smoke alot more. Darker smoke color than before.
I posted a video on youtube.
The first one is an older video from three weeks ago.

http://www.youtube.com/1000fwilson

 

Maybe a broken oil ring ?
Compression won't be affected, but ..........smoke form just one piston ?
Good video, BTW

 

Mierda! Giant post disappeared!