I'm looking to boost the hp on my 2006 M50. What are the best ways to do this? Should I buy a chip, bore the motor etc...

The easiest way to boost power on any bike is to buy an after market full exhaust system and get a power commander. Get a custom map for the power commander by a local Dynojet certified mechanic and we can usually get a few more hps out of it.

If that is not enough cams are a good next step.