I used all belts with extra low gearing (high ratio 20:1) on a 26 inch rear wheel drive.
Problem is that smaller 2 inch V-belt will have trouble with a lot of torque applied and would slip. I removed belt and used chain on one of the three pulley pairs and went with gear and chain. Smaller gears like a 9 tooth I have are compact but unlike small pulleys will not slip. Cogged V-belts the AX type allow to go around smaller pulleys, but I've had problem with 2 inch diameter pulley and would not go smaller than 2.5 to 3 inch. Note the clogged belt is not a toothed synchronous belt. It just bends tighter radius without as much friction and heat.
Major reason I used belt was I started out with a home made sheave out of a washing machine pulley. Problem is now unlike 25 years ago washing machine pulleys are made of aluminum alloy much weaker than pressed stamped steel of the past. I bought a Whizzer Clone Sheave when my home made shave broke.
Other is when wet a belt slips more easy chain does not.
If you want quiet and go with belt and can find affordable in a synchronous belt and pulley set up, that I would think best, if not chain in my opinion.
Gearing down is just each pair of connections (gear or pulley). So I have in the past used a belt clutch with for example 2.5 inch diameter on engine crankshaft. Then to 10 inch diameter pulley on jack-shaft. 10 / 2.5 = 4 That is a ratio 4:1
Jack-shaft with 3 inch diameter pulley and rear wheel sheave pulley diameter of 15 inch.
15 / 3 = 5 That is ratio of 5:1
Multiplying all ratios (in this case just two) 4 * 5 = 20 That is overall ratio 20:1
Remember 20:1 ratio in my set up connects to a 26 inch wheel. A smaller wheel would go slower and have more torque. Theoretically using speed calculator given rpm ratio and wheel diameter (with tire height added for accuracy), I would have 13.5 mph at 3500 rpm engine speed maxed out. This is good for trail riding with my 3hp 4 stroke Briggs engine.
Depending on your engine rpm and torque (horsepower) it has and what speed range you want you can adjust the ratio.
There is a thread on this site:
http://motorbicycling.com/showthread.php?t=4820
It has Motorized Bicycle Gear Calculator information and links. Some don't work and some need to down load so beware. I have my virus and internet protection software stop some sites when trying to access them.
My hand drawn out method on my thread shows all the math and gets the same results of the calculators out there.
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http://motorbicycling.com/showthread.php?t=29678&page=4
MT
http://motorbicycling.com/showthread.php?t=54926 Trail Riding