Motorcycle Repair: 1971 cb 350, grit stone, chrome rings

Question
Hi Rich.Ijust finished rebuilding my cb350.Had the valves reseated.I installed new rings(they had an R stamped on the top of them).Does the R go to the top?I made sure the cam timing and ignition timing were perfect.The bike started right up but noticed some white smoke or steam coming out of the left exhaust pipe?Took a hot compression test and there is only 65 psi on both sides.The cylinders were in perfect shape(no wear)so I just had them lightly honed to help wear in the new rings.New rings had .012 end gap(just above minimum).Would you have any ideas for the low compression?What would it do if a ring or rings were in upside down?I checked the valves for seating with WD40 before installing the head and no oil passed through. Thanks very much.

Answer
Terry, you installed the rings correctly.  The ring gaps sounds okay.  First, you need to check compression with the throttle held wide open. If the compression is still low, You can check real quick if the problem is rings or valves.  Pull the plugs and squirt just a small amount of engine oil in the cylinders and check compression again. If the compression jumps rigth up, the rings are leaking for some reason, if the compression doesn't change too much the valves are leaking.

If you deglazed the cylinders properly it may take a little running to get the rings to seat properly again.  If you used too fine of a stone, it may take longer to seat the rings or you may have to take it apart and use a rougher stone.  Those were chrome rings and you should use a 280 grit stone.  

Regards
Rich