04-05 Yamaha Raptor 50
A little caution here... although I don't think you can modify the machine to the point where you might have issues with safety, I just want to make sure you think about what you bought the machine for in the first place.
The 50 is definately a snail... but that is it's intention. It is desigend for young riders to be a training machine to teach them the fundamentals of riding without giving them too many mechanical things to worry about.
If the child has progressed in skills, you might want to consider upclassing if you can do so and remain legal. You should have no problem selling it for nearly what you paid for it if it was maintained. Plus, upgrading a machine to gain only a couple MPH can turn into a real money pit.
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