Usually, when the exhaust of a four-stroke is visible it is because the mixture is not fully burned when it leaves the cylinder and it can be caused by a couple of things:
- Leaking valves.
- Motor oil being able to enter the combustion chamber.
- Too cool spark plug (being sooted).
- Waaaaaaay too rich mixture.
If the spark plug is the same as before and is sooted, you may have to use a slightly smaller main jet. Don't be afraid of overheating the engine, i have run waaay lean mixtures and waaay rich mixtures and all in between and the highest engine temp (measured at a valve cover bolt) has been 88 degrees celcius on a very hot summer day, but it wont normally hit 80 for me. :p
You should also check if there are oil in the intake, because then the rubber seal thingy on the valves may be leaking. I do not know the english word for this piece, as it in danish is called an "oil thief". The thingy is this one:
http://scootergrisen.dk/scooterhjemmeside/billeder/billed3047.jpgYou can check if the valves are leaking in several ways. The best way is to get the proper measuring tools that can identify how much it is leaking, but at the intake valve you can turn the engine to exhaust stroke and put a little fuel in the intake so it covers the valve and then by hand turn the engine backwards. If you see bubbles, the valve is leaking, but this method can only be used on the intake valve, since it is pointing upwards.
You can also lick a finger and shove it up the intake or exhaust until you can feel the valve and then turn the engine by hand. If you feel any sucktion or pressure when the valves are closed, they are leaking, but this is not very objective as it relies on your feeling.
But first things first: check the colour of the spark plug and change main jet if needed. It may just be that you need an #85 or #84.