Motorcycle Repair: Fuel in exhaust pipe, blown head gasket, valve timing

Question
Falcon:  I'm getting gas/oil mix spraying out the lower tailpipe of my '85 Yamaha Virago 700, and I don't know how that's happening or what to do about it.  Could the carburetor fail open and flood fuel through the system?  That's my only idea, although I'm by no stretch an expert on engines.  I've only owned the bike 4 months, so not much history there either.  Please help.  Thanks!

Answer
Hi Nick.
 As far as the fuel is concerned, the only thing that it could be is that the timing and valves are off and need to be adjusted or the air filter is in desperate need of replacement.  Check the carb synchro as well.

 As far as the oil, that would also be the valve timing being way off and/or a blown head gasket.

Check the adjustments (specs and proceedures are in the repair manual) and let me know what happens.

Good luck.
FALCON