ride it around and try to burn off the oil. a good compression check with oil in the cyl AFTER a bad compression check means your rings are toast.
chances are, the bike if fine, the black smoke was carbon coming from the one dead cyl that you recently got to light off. black smoke usually equals fuel, unless it wreaked like burnt popcorn, which would indicate carbon. id say run it, ride it, beat on it, then redo the compression check without oil. be sure you disconnect the fuel feed first. record the numbers, and the cyls should be within 10-15% or eachother. if one or both is lower than say 150, add an ounce or so of oil and retest.