I found this on a British car forum…those crazy Brits, always making 120+ MPG gas powered bikes and things.  Straight from the guy that made it:
“The frame is from a ’90s vintage Huffy cruiser I got at a flea market for $25.00. The front fork is a reproduction Schwinn style springer. I fabricated “leaf springs” for the look, but their only function is as fenders. The wheels are from Husky- very heavy duty with thick steel and 11 ga spokes. It has a high quality coatser brake, but it also has calipers front and rear which is what I generally use for braking. The tires are all-white vintage style from Kenda.”
Read “more” for other pics and more details…
More from Mr. Hough (pronounced “hoe”):
“The tank you see, I fabricated from fiberglass, actually a form built from 1/4” foam board covered with fleece and fiberglass resin. If I did it again, I would use fiberglass cloth. Under the cover (and bonded to it) is a 1/2 gallon steel tank that can be bought from bicycle-engine vendors. The seat and headlight are from eBay. The seat is a vintage long-spring frame that I padded with modern foam and covered with goat skin. The headlight was a small railroad lantern. It throws light like a flashlight, but I will not ride at night. Also mounted in the headlight is the speedometer with a custom face.
“I bought an engine mounting plate, gearbox and other specialized hardware from a vendor who sold (past-tense) such things. The engine is a brand new Honda GXH50 (49.4cc) with 2.5hp. I made side plates to pretty up the mounting plate and smoothed the grain off the plastic engine housing to mimic metal. I also made an air cleaner housing to look more vintage than the original plastic piece.
“I rode it to work last Friday- a round trip of 36 miles (I had ridden about 100 miles before I painted it). It ran perfectly- cruises at 25-30 mph, topping out at about 40 mph (but you don’t want to stay there for long).”
You can view the original post with it’s comments here.