Small Engines (Lawn Mowers, etc.): 5 hp compressor, hp honda, compressor tank

Question
I have a compressor with a 5 hp Honda motor. It ran fine for 14 mo.and is basicaly new. It will run great  for about 2  hrs then the problem starts. When the tank gets full (120psi) and the "button" pop's out to slow the idle, it will act like its out of gas and slowwwly die. If you release air on time it will keep running. But sometimes it just dies. Then when you start it back up it will run good till the tanks fill again (120psi) and it will try to die again. Were ok as long as we keep nailing and not letting the tanks get to 120psi but thats tuff to do. As soon as it hits 120psi the pressure button opens, and it starts to die... BUT after about an hour of that ( dieing 3-4 times because the button popped) It will die regardless of pressure. It will run normal (great) for 20-40 seconds and just die. After sitting (not running) for some time (up to 2-3hrs) It runs great again for 2 hrs and the story repeats...

Answer
Is there a cable connecting the pop off valve to the carburetor?  Is the cable or pop off valve bad?

Water in the pop off valve or compressor tank?

What brand of compressor do you have and what is the model number?

If you dis-connect the pop off valve from the engine will the engine idle normally?

Eric