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What gear and engine speed does your bike knock/ping at? You may just be using too high a gear.
As for octane ratings there are several different standards, so here in the UK for example we use a different system and our numbers, while similar to USA ones, aren't directly comparable. Spanners, being permanently upside down, probably also uses a different octane scale. I well remember those halcyon far off days of 105 octane.....
update. So I pulled the timing cover off and had a peek inside. The previous owner had it advanced almost all the way. I turned it back and now no more knock/ping.
Sounds like you have trouble being in the right gear. That pinging you hear is the sound of your motor self-destructing.
Update on the update, since my last post I rejetted the carbs pilot jet from a 45 to 48 and it made a world of difference. The surge is gone, I can now ride through town with no trouble. The popping and spitting through it carb is gone. so the timing was too advanced and the carb was running lean. Thank those who offered up advice.
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