Oil and gas mixture coming out by exhaust

Two strokes just leak oil especially where the pipe meets the motor you could try new oring but seriously only be worried if you dont have oil leaking from exhaust on a two stroke is rule of thumb

32:1 or you can use 40:1

Sounds like you have blown the exhaust gasket. Not a difficult repair .. just undo the exhaust manifold bolts and remove the exhaust. Purchase a new gasket and reassemble with the correct torque settings.

I agree, Too much oil in the mix. I run at 40:1 at the moment but have also used 50:1 in the past with no problems.
Drain the fuel tank and re-fill with fresh 40:1 mix.
Tip the bike over on its side to run out the carb.

Good Luck.

it is one of a few things causing it to flail in the lower end, 1: your fuel oil mixture isnt lean enough.. 2: you need a higher spaking plug.. 3: your carburetor float level is out or 4: there is a slight break in the ignition spak line which would cause it to spark very weak until maximum accelleration is reached

How much was it smoking previously? Too much smoke (oil) is a whole lot better than not enough smoke (oil). If you are mixing the oil and gas then cut back on the mixture. Obviously it is out of balance. Put 1/2 gallon of raw gas in the tank to cut the mix. After a tank or so you should get the balance back.

You need a new shift shaft and probably need a new shift lever due to the bad splines. You can try the JB Weld but I suggest that you go ahead and drill the lever an shaft then put in a cold roll split pin from the hardware store. You have nothing to loose since the shaft and the lever are already toast.

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sounds like crankcase seals may be bad

The best way to control the smoke when you have a bad automatic pump is to do what most other bikers do. Drain the pump and don't try to use it to supply oil to the gas. Instead, add 4 ounces of two stroke oil to each gallon of gas that you put in the tank. This equals the recommended 32/1 mixture needed by the engine. It may take a tank or so to rid the crank chamber of any built up oil but soon the amount of smoke will be no more than anyone else.

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90% of these bikes run 32:1 - 40:1 mixture