The engine is a 1939 Maytag 72D twin cylinder two stroke originally used in a washing machine. The bicycle used was a very modified Worksman, and yes the headlight is an old carbide lamp. Top speed is a little faster than you can run, it was meant for just parade speeds. the engine is only 5/8 HP.
The is a build page in the intros for this one.
http://www.volksrods.com/forum/showthread.php?t=37725