MUAHAHAHA Time for your resident super squid to add his input on his favorite subject! Here is your step by step (the short version)
1. Lower the tire pressure in your rear wheel by about 5-10 psi. (somewhere around 18-21 psi) This gives you a larger surface area and helps prevent wheelie wobble, and tire slip.
2. GEAR UP! Don't be cocky while learning. The more gear the better. If you have full leathers, put them on. Not as cool, maybe, but better than trying to whipe your ass when it's covered in road rash! (I'm a culprit of breaking rule #2 frequently
3. Warm up your tires... riding to your practice spot or just a nice cruise around town. (may feel a bit awkward with the reduced tire pressure... no worries)
4. Head to a large, open, parking lot... not being used! This is the best place to work on your squid skills. Get a friend with a video camera to accompany you. For two reasons. 1, you can tell how high you are getting and critique yourself afterwards. and 2, if you eat it... you can post it on here. And we can all have a laugh at your expense. Just playing... but it's always more fun when you can see your wrecks from a different view
5. This is where you will get varying replies. I personally prefer 1st gear for learning. Some will say second because it's less twitchy. Personally I would rather go down at 25 than 65. The things I suggest will work for both gears though. You'll just have to give it more gas if you do it in second.
6. Here's where it gets fun. 1st gear... start rollin out till you feel yourself just under the power band. then while still on the gas, SLIP the clutch with one or two fingers. No longer than the time it would take you to change gears. Don't pull it in all the way and dump it. Just slip it. In and out real quick. The front end should come up.
7. If the front doesn't lift... slip it for longer.. and add more throttle. It takes some getting used to. COVER the rear brake. If you give it too much gas you'll come flying up and over... and thats no fun! If you feel you're too high, just mash on the brake and it'll come right back down.
8. Keep repeating this process until you are comfortable with the front comming up. Stay on the gas, and ride them out. Eventually you'll find balance point... and be able to ride them out forever. These are all done sit-down. Stand ups are another demon. Just grip the tank, lock your arms... and cover the brake. and you'll be fine.
Do not... I say again.. DO NOT power them up. None of that "get goin, then let off, then mash the gas" stuff. It's way to unpredictable. You're begging to loop. It IS how most people learn. But clutching it up is far better. Plus, with practice, you'll be able to pick the front wheel up from a stand still. And thats just pimp.
Good luck, and let me know if you have any questions. BE SAFE...
Your friendly SBW