How long had it been sitting before it started acting up?
Needing the choke on and popping usually indicate a lean (too much air, not enough gas) condition. However, the loss of compression for a short period of time suggest you may have valve train issues. Or it could be lean and the compression release is sticking.
I would check first for air leaks. Check the intake boot where it attaches to the carb, and the manifold between the carb and head. Make sure its all tight and no cracks in the rubber. Also check the exhaust where it attaches to the engine. If it is not seated properly, air leaks there can cause popping. You could also have some blocked fuel passages inside the carb, not allowing enough fuel to flow. The hot start plunger could also be stuck open.
Having said all of that, after owning the bike a year, it's time (past time!) for some regular maintenance to the top end. 4 strokes require a little more than "Gas and Go!"