Think I have water in my fuel,1-2-3 gear ok---4th misses---5th,find the shoulder charlie.----3-5 minutes later cranks---exact same thing.Have disconnected the fuel line at the tank,valve is on open ----nothing!!!!. what gives????(cap is open)

 

sounds more like detonation under heavier load (ping)
could be from bad gas, low octane, plug and wire issues, lean mix. I'd probably start by putting some dry gas in the tank it will remove water if there is any and raise the octane some since it is alchohal (which is effectly and octane rating of about 115)

if that doesn't do anything then start checking the ignition and fuel systems.

edit.. wait so if you disconnect the gas tank nothing comes out?

 

No gas comes out because the petcock valve is a vacuum actuated valve. i.e. the engine must create vacuum before it allows gas to flow. You will notice two lines going to the tank valve, one is the vacuum line.

If you're afraid of water in the gas, drain out the carb fuel bowls by unscrewing each screw until gas starts coming out of the drain nipples. Then, apply vacuum to the petcock valve on the tank to drain out the fuel in there.

 

^+1 If you have a hand vacuum pump like what you would use to bleed brakes you can put vacuum to the petcock and drain off any water that is in the tank. You should still drain the carbs.

 

Thanks for the suggestions,being the impatient sob that I am,after posting the above,I went out and had a "stare down"with the bike.Got a siphon hose got what I could out (thankfully,I was on my way to fill up so fuel was low)got a coupla gallons of fuel,added some "stabil"and it seems to be okay(after running it in the driveway for an hour),took it out for a coupla hours today and seems to run better than ever.Ya know,this bike never ceases to amaze me as to its power and torque.Thanks to all.