Sorry to revive a 5 year old thread but I had this same issue on a '77 XS400D hat had been sitting for years.
The solution for me was to take off the master cylinder, remove the screwed down & pressed on tank, and flush every hole I could find with brake cleaner. Jeff0133 was right in my case that the vent was clogged.
For good measure I also went through the caliper, popped the piston out and cleaned everything thoroughly. To be clear though, the caliper cleaning was not the root issue since the front brake was still sticking before and after cleaning.