It's called a leak down test. I've never done it on a jet ski. Only on my two stroke dirt bikes. Not sure how you would do it on a twin cylinder. I made my own leak down tester.
Essentially what you need is the ability to plug the exhaust ports up(exhaust pipe removed of course) On my dirt bike I used a rubber freez plug from the auto parts store. You can get them in many sizes. Next you will need to remove the carb or carbs if you have two. This is the part where you will need to get creative. You will need to fabricate some type of fitting that you can plug the intake manifold up with a barbed hose fitting attached You will then need to purchase a squeeze bulb and a 0-15 psi gauge. In order to do this test correctly you need to have the piston in the down stroke so that the ports are open. On a dirt bike motor you don't want to pressurize any more than 7psi. If you go higher you risk damaging a crank seal. So again this is called a leak down test. One's you have pumped up the motor up to 7psi. If you have correctly sealed every thing up and your transfer ports are open to the cylinder. And the motor is tight, no leaks. Your gauge should hold 7psi for over a minute. If indeed you have a small leak. It will drop slowly. If you have a big leak. The gauge won't hold pressure at all. Note on a twin cylinder motor you most likely will need to perform this test on both cylinders.
Most leaks are going to be coming from a bad seal or blown o-ring seal, worped head. If you have a leak. It will cause the motor to run very lean.