I would not just throw a new cylinder in. Engine has been running pretty lean and seizing the cylinder is just a symptom of this. Cause of running lean has to be hunted down. I would do a pressure test on the engine to see if the bottom end is leak-proof. What jets are in your carb at the moment?
If your cylinder coating has not flaked off and piston rings have not snapped, you could get away with your current cylinder and piston too. Not optimal, but it will work without investing more money into it f you are on a budget. Also that Malossi is a lot nicer cylinder than the stock one.
You can use drain cleaner (Potassium hydroxide) to get the smeared aluminum off your cylinder walls. Small file, sandpaper and some patience should also get your rings unstuck and ring grooves cleaned.
I got away with this even though I had to weld the piston
And still made 15hp on the dyno