Well, after several test of sensors. I concluded that was the famous cam sensor.
A OEM replacement at my local Suzuki dealer and the little 4 banger is on the road again.
I replaced only the sensor, not the reluctor wheel. Quite cheap too. I was expecting to pay premium at the dealership, only cost 70 bucks for an original replacement!!
So, if you are experiencing a hot, no start, no spark situation, check the cam sensor. The cold water trick helped a lot but was quite agravating just to keep cooling the damn sensor everytime I did a quick stop/shutdown/restart trip.
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