Motorcycle Repair: Honda CX650 water in exhaust, honda cx650, head gaskets

Question
I picked up a 1983 CX650 with 18,000 miles it was sitting for 2 years. I drained the oil and looked like it had water in it and i also drained the radiator added new fluids to both and now when i start the motorcycle It will blow coolant out of the exhaust and when i shut it off the engine will gurgle from coolant. And if i leave the radiator cap off when cranking it will shoot coolant out of it I am hoping it is just head gaskets but any information would be greatly Appreciated Thanks Matt

Answer
Sounds like a head gasket, at a minimum, but that doesn't explain the water in the oil.  It's possible if the bike sat outside or in a building with extreme swings in temperature, it could be just condensation.  The head gaskets are the first thing to go after but when the heads are off, take a close look at the liners and block to make sure they're not cracked.  

Regards,
Rich

Sorry for the late response but I've been out of town on vacation.