First note, this is on a Honda XL250R, not a GS500, but it's an engine problem so it shouldn't matter all that much.

The situation:
The bike will not start.  It won't even fire.

What I have done so far:
Gas flows through the carburetor and into the engine block, but does not reach the spark plug.  There is compression (I checked by holding my thumb over the spark plug hole and pushed down on the kick start, and it popped my finger off  the hole forcefully).  There is also spark, however after trying to kick start the engine for awhile with no ignition, the spark plug is completely dry.  Shouldn't it be soaked with gas?  I also pulled the carburetor off the engine block, and it pumps gas through the carb, therefore gas is getting into the engine block, but I don't know where it is going from there.

Only known problem:
The cylinder head gasket on the bike leaks oil.  I never fixed it b/c my mechanic, whom use to work on Honda bikes for a dealership, said it wasn't worth fixing if I didn't mind the oil leak.  However, after doing some research on the internet I found that a leaky head gasket can cause the bike not to start.  Can anyone verify this? and does anyone have any recommendations as to where I should proceed from here?  Any help would be appreciated.

Thanks...

Might be that near or at TDC the valves leak  pressure past them or past the cylinder head gasket, just enough to lose proper compression.

Do you smell gas while kick starting the beast?

No, I don't smell gas when kickstarting. 

Start with cleaning your carbs ,maybe some air jet got clogged , if gas would've gotten in you'd smell it as it got out while kicking it

okay, I'll give it a try on Tuesday night, and let you know how it goes.  Thanks!