My honda 2001 honda 400ex started smoking and lost alot of power?

It smokes pretty badly like a 2 stroke and doesn't have power like it used to. Could it just be the head gasket it does have a litte oil around it? Or could it be more serious valves and rings?

Or a hole in the piston? Does the smoke smell like oil? I can't remember but I think they are air cooled.

You will not know exactly what is wrong until you pull it apart. You more than likely have worn cylinders or a broken ring. Sound like a complete overhaul is in order.

When did this happen? How did this happen?
It could be that you simply OVER filled your crankcase… Or worse. If your rings are bad, you would lose compression, oil would get past them, the engine would foul etc.

No problem, sounds like your oscillation adjustment screw came loose, tighten it back up and you should be good to go.

Time for a compression test, bore scope into cylinder. Burned valves, zero valve lash, broken rings are possible moderat cost, higher labor repairs- holed piston is a more expensive repair.

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