2nd UPDATE: Suddenly Street Legal! BWM Cafe / Former Racer.

Second Update.  Thanks once again to our very knowledgeable commentators (thanks Tony) I have been informed that this is a creation of Ritmo Sereno (maybe I should try reading the decals on the bikes).  A seriously drool-worthy Japanese base builder of custom European machines.  Here is a direct link to one of the bikes below.   I can't help you with the translation but the pictures speak for themselves.

Update:  A clarification.  As was pointed out in the comments I think it's possible that this is the same bike but not really likely.  They are similar enough to make for an interesting blog entry but probably different rides.  Probably the same builder.  That or they knew (of) each other.

Now it's a racebike....

Add lights and remove the pan and now it's a Cafe... or is it the other way around.   Stunning bike(s) either way.