This article isn't exactly about 2 stroke dirt bikes, but is about air cooled vs water cooled aircraft engines. Different application, but all the same principles apply. Pretty short, and some good info.
http://www.liquidcooledairpower.com/lc-ridofheat.shtml
This one isn't about air cooled dirt bikes either, but about detonation in air cooled 2 stroke engines. It offers some insight into what could be one reason every performance engine today is water cooled.
http://klemmvintage.com/deto.htm
there is a reason almost every modern engine is water cooled...
"Water (or water and antifreeze) offers 1000 times greater thermal conductivity than air and it can be routed much more closely to high temperature areas such as the exhaust valve seat and guide."
"Unlike air, the flow of water through a liquid cooled cylinder head can be manipulated much more easily. The flow pattern, rate, temperature and pressure can all be adjusted in order to provide maximum cooling effectiveness without increasing the surface area of the cylinder head or walls. Suddenly it becomes possible to start increasing the power per cubic inch without any detrimental thermal effects on the cylinder head and valve train. When water cooling is compared to air-cooling this effect is almost magical in that it solves a myriad of thermally related problems all of which have a positive effect on the reliability of the components used in the top end of the cylinder head including the cylinder head itself.
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