Is this carbon or oil fouled? Looks oil fouled to me? What should I do? Head reconditioning? Rings?

Answer: D. None of the above.

Everyone talks about "reading plugs" and wants to ascribe huge significance to it. But in reality, the process is so complex and detailed, that the average owner/mechanic is best to steer-clear least they end up spending $1000 on a head job they clearly never needed. I believe your particular event falls into this category.

What you have is simply some "color" on your plugs. And the only possible conclusion you can draw from the photo is that you did indeed go for a ride when is was 20°F.

My suggestions:
• If you don't know the age of ALL the fuel in your new bike, dump it all into your car. And don't ever use any fuel that's over 6 weeks old in this motorcycle, and not a Top Tier fuel with built-in cleaners. https://www.toptiergas.com/
• Go back and set the float levels in both carbs per your workshop manual
• Put some "Never-Seize" on the sparkplug threads before you kill the cylinder heads through "too much love"
• Replace the plug caps with NGK 5K Ohm type
• Replace the plug wires with METAL core wires
• Replace the plugs with BP7ES, which is the correct heat range
• Check the engine to be ignition timed at full-advance at ~4000 RPM... not idle
• Then put this bike on the highway and cruise above 3500 RPM without ever looking back.

Everything that needs to be sorted out will sort itself out with simply this: highway running. Just change the oil regularly and ride it.

Check back in 5000 miles. 😉

PS. Could you please forward the $1000 you just saved to my retirement account ? Much appreciated.

Here is the thing about trying to read the color of the spark plug, You really need to get some rpm's and several heat cycles to get the plugs to color themselves. The plug you pictured looks to me like it is moist and turned black. That would indicate to me that the carbs are running rich, but mostly that the motor was not taken thru a full heat cycle. If your bike will start and run, take it for a few 50 or 100 mile rides. And, keep the R's up like Wobbly suggests. Wobbly has advised you well. I could pull the plugs on my R75/5, and they would be the color of perfectly toasted bread. Know why?, because that bike and I have a long history together. You and your bike do not have a long history. We can not learn these things except by the long way. Get it out and start writing that history. We're here for you.

Here is my take on plug colors;
Black and sooty = running rich.
Toasted bread colored brown = just right.
Whitened and chalky = running lean
Splotchy = oil fouled

The plug you pictured looks to me like it is moist and turned black. That would indicate to me that the carbs are running rich, but mostly that the motor was not taken thru a full heat cycle. If your bike will start and run, take it for a few 50 or 100 mile rides.

It's far more complex than that. Especially in this situation with very little information.

• You can get a reading on any carburetor jet range, but you need to ride in that jet range without any variation for 5 miles or so. Then you need to cut the ignition off at the same time you disengage the clutch and then coast the side of the roadway for the reading. There's absolutely no evidence anything like that took place in this situation.

• No one worries about mixture at idle because what everyone wants is smooth idling, so that the engine simply doesn't stall. Idle is often slightly 'rich'.There's absolutely no evidence presented that the OP didn't let the engine idle while he opened the garage doors (or whatever) when the ride was completed. Therefore what we are probably seeing is a mixture of road and idle, and therefore the plug color meaningless.

• A plug reading is analogous to taking a human's temperature. It's really an catch-all test of all the systems. Anything can throw it off.... compression, type of fuel, plug wires, carb balance, air filter condition, timing, etc, etc. This is a new-to-the-owner bike. Most of this information is simply not known. Frankly, this is the color spark plug you get when some fool installs automotive suppressor style plug wires, that's why I've asked that they be replaced. But it could just as easily be low compression from long storage, or cheap fuel, etc. No one knows because none of that information was volunteered.

To me, the main thing is that the bike runs now, and more running can only make it run even better. That's why the owner needs to simply change the oils, start using premium fuels, and go ride the thing on the highway. We can worry about plug color next August. 😛

"To me, the main thing is that the bike runs now, and more running can only make it run even better. That's why the owner needs to simply change the oils, start using premium fuels, and go ride the thing on the highway. We can worry about plug color next August."

On this we can agree.