I've done some more tests and had these results:
- Add a squirt of oil and the PSI rises from 110 to about 115 on both sides.
- Doing the test with throttle open and closed makes no noticeable difference
Having thought about the physics of this I think the ideal PSI value is easily calculated - surely it's just the compression ratio x atmospheric pressure, i.e. 7.9 x 15 PSI = 118.5 PSI. If you subtract a bit for living above sea level, bad weather, losses past the rings etc, I reckon a PSI value of 110-115 is pretty good. This logic seems to work on my car too - 9:1 compression ratio and 135PSI when I measured it last night.
Any physicist classic bike enthusiasts out there who'd like to comment?