Had the very same problem. There was a "burr" in the head where the valve springs sit. When the bike was cold, the valve spring retainer would hang up on the burr, causing it to stick open, therefore no compression. Weird thing was, I would still be able to get it to start, and once warmed up, the compression "came back" the next time I would start it, and remain for the rest of the day! Once it cooled off overnite, though, no compression when starting. I couldn't find anything wrong with the spring, valve, retainer, but I replaced them all any way, and no more problem. FYI, it was the exhaust valve on the right side of the head, the one that the decompression arm actuated, maybe a good place to start looking.
lump-dog