After months of scouring the internet for parts I finally got my 74 MT250 running! What a pain in the ass to kick though. My goodness!
I finally adjusted the points and was able to get spark. I couldn't resist to slap the tank on, fill it with gas and give it a few kicks and voila......power.......and smoke

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I took the exhaust off and oil was dripping all over the place. Has anyone heard about this before. Should I just let it burn off or is this a more serious problem?
Thanks for the past (and future help) everyone. This is my first attempt at building something and I can't wait for more!!!
Kyle