Ethanol and methanol have a lower energy density so that loses power. The flip[ side is that they run a much higher stoichiometric ratio ie more fuel: air to burn completely. jetted correctly either will make slightly more power than straight gasoline. Methanol can make around 12% more power and stands much higher compression ratio and ethanol is 7% above regular gasoline in terms of energy (power) released per amount of air burned.
Gas burns at 14.7:1, ethanol is 9:1 and methanol is 6.47:1
It would be possible to run a 2 smoke on methanol, E100, E85 or E an other number, but it has to be jetted correctly or else the house burns down. For some reason that I never studied, 4 strokes seem to work better on methanol that 2 strokes. I suspect that's because it burns slower and the fire has to be ignited much sooner.