Yes cold dry and with the throttle wide open. Opening up the throttle all the way will give you a lot more air; you should see the compression reading go up significantly. As for the 110 being slow, well that is why they made bigger machines, the 110 is a good machine and does lots of things well but going fast is not one of them (or at least in stock form).
1984 Yamaha YT 60 Tri Zinger(current project)
1983 Yamaha YTM 200 (rear suspension kit)..... long term project
2004 BMW R1150R
1972 Honda CT 70
2007 Lifan 110