Hi to all !

I've been restoring my bike for months, going so slow those last months, but i've been able to start her a couple of weeks ago. At first i had some problems with the carbs, until i made a good ultrasonic cleaning, but after that, i've started to have some leak.

Bike starts at first kick, perfect idle, revs up good. Right exhaust it's blowing white smoke, i've read a lot the forum these days about that. I know it could be caused by a crank seal leak, or by an oil pump o-ring leak, some oil going to the crank could be the reason. If that would be the case, i was hoping to see some oil going out the silencer, but when i see the "liquid" that goes through my silencer, it looks like less dense, more like dirty water. I believe that can be a head gasket leak, some water can be going inside the chamber and it's burning it.

Here you have two videos, one longer, and one shorter. The shorter one it's focused on the silencer, so you can see exactly how it spits and how the "liquid" it's going out. At the end of the longer one, you can see how "beautiful" it's my dad's house wall. You can see that the spots are so light, and they dry so quick.

What do you think ? Crank seal ? Oil pump seal ? Head gasket leak ? ... Thanks in advance.

Longer one
http://www.youtube.com/watch?v=lBbpEvItmJY

Short one
http://www.youtube.com/watch?v=uNqjD6Hce-Q