I got this off another site. I am posting it so look before you ask. It is in two parts.
Two points to keep in mind when learning to Wheelie:
1. Keep things simple. You only have so much attention, and it's best to keep it divided by as few things as possible. Usually, when a beginning student is overwhelmed with trying to perform too many unfamiliar actions all at the same time, he or she tends not to perform any of them properly. The following approach to learning will stress using the fewest number of control inputs necessary to accomplish our goal' putting the front tire in the air.
There are, essentially, three basic factors you need to control when performing a basic wheelie:
1. Acceleration (throttle control)
2. Fore/Aft weight distribution (body control)
3. Side/Side weight distribution (balance / body control)
Any late model 600+ cc sportbike that I can think of, in stock form, will easily pull the front wheel up to 12-o-clock & beyond in 1st gear if you do nothing else than keep your body motionless and slam the throttle open once in the powerband. No shit. You may think this not to be the case, but trust me, unless your bike is malfunctioning, it's just that easy. The reason most people fail is due to the fact that they unwittingly shift their weight forward. We'll get to that later. The point being, there's no need to bounce it up, there's no need to clutch it up, and there's no need to roll off & on the throttle in 1st. Most of these techniques essentially fool the rider into committing him or herself to leaning their weight back - the rebound from the fork springs is, in my opinion, negligible. And the control that some people tout the clutch as offering you can easily be had with a well-practiced throttle hand. That means there's a lot less to do and think about when you're starting out, and that means you'll be a lot more likely to succeed, and a lot less likely to get hurt. Even using these 'other' techniques, you'll still need to control your throttle, your weight distribution, & your balance. There's just no sense in adding in more complication.
2. Keep things safe. That means finding a desolate stretch of straight road with good pavement(an old airstrip or race track would be best), wearing ALL your gear (gloves, leathers, boots, HELMET, HELMET, HELMET), having friends with cages present, and pre-ride checking your bike (tire condition & pressure, chain condition & slack, brakes, shift lever & position, etc.). It also includes using your head, thinking things through, and above all, not trying to rush your progress. There's no reason why you can't learn to roll nice wheelies without looping it. Remember, just because you know of or have watched people walk away from similar wrecks doesn't mean everyone does. The consequences of looping a hi-power sportbike are a serious matter.
Now, since I'm going to recommend starting out rolling first gear wheelies, let's address a few concerns.
Gearing and Gear Selection:
To begin with, you won't need to gear your bike down. Like mentioned above, in stock form, most any modern 600+ sportbike needs nothing more, in first gear, than for you to not use your body-weight to screw things up. So do not throw a bigger sprocket in the back or a smaller one up front if you can't get it up in first. It's your fault, not the bike. You're only making things more dangerous for yourself once you finally do stifle your survival instincts long enough to let the wheel come up. Next, there's the issue of 1st gear being too twitchy. Well, for the experienced wheelie expert, 1st gear can be rather dangerous, since the balance point (the vertical point where you have to hang the front wheel to keep the bike from accelerating), is so high, and 1st gear does offer up alot of torque. But for the beginner, who will inevitably slam the throttle shut the minute the front tire comes off the tarmac, it's not really an issue. And trust me, even as quickly as the front wheel can come off the ground in 1st, it's no match for your reflexes, unless you've just chased a few percosets down with a pint of Jack Daniels. The fact is, once you get 2nd gear & higher wheelies up past midway point (and past the point where you need a lot of torque), they want to come up and over a lot faster than 1st gear wheelies do, since the gearing is higher. Also, 1st gear offers up tons of immediate engine braking. That means that as soon as you let off of the throttle, the engine braking effect literally sucks the front wheel back down to earth. This will work for you even if you are unfortunate enough to end up going past 12-o-clock. While this effect is apparent in all gears, it is much more so in 1st, and seems to take effect 'right away' in 2nd, particularly, there seems to be a sort of 'time lag' before it kicks in. The main reason I like first gear is that it offers the power necessary to bring the bike up while doing nothing more than maintaining a static body positioning and controlling the throttle. It allows you to free your mind and allow you to concentrate on throttle control, height control, and balance. It doesn't force you to make extreme body motions (throwing your weight back) which, when coupled with everything else, could definitely loop you quickly. In other words, I feel 1st gear to absolutely be the safest gear to learn in.
Use of the rear brake:
This is a controversial issue. Many advocate it's use as another tool that one can use to avoid a loop (which, if used properly, it is); others doubt it's ever going to get used by beginners until it's too late. My feelings on the subject are mixed. Personally, I don't use my rear brake very much at all during normal, everyday riding. Because of this, the use of the rear brake would, for me, definitely not be instinctive when trying to save a wheelie gone bad. I have, unfortunately, learned this fact the hard way when trying to save a 12-o-clock. I believe I thought of hitting the rear brake as my ass hit the pavement. On the flip side, if you do regularly use both the front & rear brakes, you might want to keep that thought in the back of your mind as a last-ditch save attempt. The thing that worries me most about the rear brake, however, is that even if it is used in time, it is very likely going to be used in panic, which could easily lead to a wreck just as bad as if the bike had simply looped over backwards. Personally, I feel that the use of engine braking (a passive safety feature) to pull down 1st gear wheelies is safer, and of course, much easier, since all you have to do is let off on the throttle. Finally, especially if you don't use the rear brake consistently, but even if you do, keeping it 'in mind' does use up some concentration that could be spent elsewhere. So, think about the issue, and make your own decisions on this one.
Use of the Clutch
This has already been covered, but I want to say it again. For first gear wheelies, do not use the clutch, you don't have to. Sure, you can use the clutch to feather the power in and control your height, but this is also something you can do equally as well with the throttle, with less wear & tear on your bike, and most importantly, while spending A LOT less concentration. The only reason I would change my opinion on this point is if you're coming from a dirtbiking background where you're already WAY familiar with the use of the clutch, where it's become instinctive. Otherwise, I say don,t use it.
OK, Time to Pull Your First Wheelies!
So, with all these points in mind, you're ready to start. You have all your gear on, you're on a safe, modern sportbike (it could be any bike, but this tutorial only applies to modern sportbikes), you're on a safe road, and you have buddies standing by to help you if things to awry. Start out on your bike looking down a long stretch of open highway. Sit as you normally would on it' you might want to sit a little further back on the seat if you sit WAY forward during normal riding (like I do), but you don't have to go to any extremes. What you do want to do is to make sure to support your body with your stomach & back, rather than with your hands resting heavy on the bars. This is the way you should ride anyway, but is especially important for wheelying. You want to lock your legs down on the bike so that, as she starts to come up, you don't pull back on the bars to 'hold on', which could possibly cause you to open up the gas more than you want to. Also, you need to be loose on the bars to be able to modulate the throttle (though this will come later). Essentially, you want your hands, your throttle hand especially, free to move without supporting your body weight, and this can only be accomplished, at least starting out, if you're anchored down on your bike using your legs & torso. As you progress and gain more experience, you can always loosen up a bit on the bike later. But for starting out, stay locked down & keep your arms loose.