your bike has the the same problem my bike had i bet. the metal sleeve that rides on the water pump seals has developed grooves. My recommendation would be to look at this parts fiche and replace part numbers 27, 30(which is 30-2), 32(which has been superseded by 17511-27C11), 31, 35, and 36(you will need 2).
http://www.ronayers.com/CRANKCASE-COVER-WATER-PUMP-C160189.aspx
It will cost a bit of cash, but you will have a pretty much brand new water pump assembly and wont need to worry about it for a long time.