Will it rev high in neutral, or does it only refuse to rev under load? Any difference in behavior during hot or cold operation?
Make sure you are getting enough fuel - could be something simple like the vent in the fuel tank cap is clogged, maybe a clogged sreen in the pet-c*o*c*k. If you have a fuel filter on it, remove it in case it is restrictive.
If you are sure it is getting enough fuel, I also suspect ignition. When the stator started going bad on my old '84, the first symptoms were difficulty in cold-starting the bike and poor running when the bike was hot.