I've been building and working on motorized bicycles for a couple years now and this is what I have found.
Pros of the 2 stroke:
Faster on top end with the stock drive gear.
Cost less then the 4 stroke
Easier to rebuild if you blow it up.
Cons of the 2 stroke:
Mixing gas
No torque at start, you have to pedal up to speed then drop the clutch to start it. Sadly if something is wrong and disengage the clutch you can throw yourself over the handlebars when it doesn't kick in. I've seen it happen.
They are overall really finicky. Finding your top performance tuning is difficult.
Pros of the 4 stroke:
No mixing gas. You just fill the oil pan, fill the tank with gas and go.
High torque. With the stock gear you can climb hills and start from a stopped position with no problems.
Using a 36 tooth drive gear I can easily push 45 and I weigh 250lbs. You loose a little torque but you can still go from stopped without pedaling.
Pull start, this is a huge benefit, trust me.
Extremely easy mounting, a can install one in 15 min.
Cons of 4 stroke:
Proper brake in procedure takes about 24 hours. You fill it with oil, let it idle through a full tank of gas, dump the oil, fill it all up again and repeat. You will notice metal dust in the first change, nearly non in the second change. If you do this it will last forever.
Without upgrading to a freewheel drivegear or disengage kit you have major engine brake when you let off the throttle.
Harder to work on if you blow it.
I recommend the 4 stroke. I have a 4 stroke on a Phat Cruzers cycle, with a 36 tooth freewheel drive hub, 40 spoke rim with 12 gauge spokes. I push 45 easy, plus I hooked up a flame thrower to the exhaust so I can throw flames 10 ft out the extended tailpipe.
it rocks.
http://www.bicycle-engines.com/
This is my main supplier for my kits and parts.
They are sold out until late september. They have 2 40ft containers on the way.