Part of the problem is that he is still a child....a very hyper child at that. It sounds like his attacks aren't meant to be vicious. Instead, it sounds like he did not learn from his mom or siblings how to play-fight without hurting. All of the behaviors you describe are those we would normally see when kittens and young cats play with each other. However, when they have been appropriately socialized by the momma cat, the kitten quickly learns not to bite so hard.
Because momma cat didn't socialize him (was he removed from his mom before 12 weeks of age???), it is up to you to do it instead.
Carefully read what Hissy said above. I am going to emphasize a couple of her points that I think you really need to focus on:
1. A momma cat will scream if the kitten bites too hard. That is one reason Hissy suggested that you scream once real loud when bitten too hard. This will help your wild child learn not to bite.
2. A momma cat will stop stimulating the kitten before the kitten has too much. So, follow Hissy's advice and pet your cat for only a moment or two at a time. Don't pet any longer than ONE MINUTE even if he is still purring and don't pet his tummy even if he exposes it to you. Take two or three minute breaks between petting him. After a while you will be able to increase the petting time, but always be sure to stop before he becomes over stimulated.
3. One of the best things about being a momma cat is that there are many siblings for a kitten to play with. Momma cat knows that if the kittens are being too aggravating, she just needs to wonder away and let the kittens go at each other. Follow momma cat's behavior and do as Hissy said. Keep a pocket full of little furry mice or balls (substitute play-mates), and when your cat looks like he is about to attack, toss a ball or mouse across his field of vision (slightly away as if the mouse is trying to escape) so that the cat cat direct his attack on the toy instead of on you. Then, do not give any attention, simply walk away. (I know of several people with kittens like this who adopted a second kitten and found that having a new sibling solved the problem behavior)
4. Don't use the squirt bottle and whatever you do, don't hit him. Aggression frightens the cat. A frightened cat is hard-wired to attack the predator. When you are "harming" him with water or a smack, you are a predator. He will fight you to ensure that you don't hurt him again.
5. Carefully study his behavior. ALL cats have some sort of signal that shows they are about to attack. Some may twitch the very end of their tail, some squint their eyes, some open their eyes wide, some flick their ears, it varies from cat to cat. Watch your cat carefully and learn his pre-attack signals and immediately stop whatever you are doing when you see a signal. Then toss the toy or just walk away. This will keep the attack from occuring.
6. Finally, make sure he has lots and lots of toys that will help him burn off energy. Turbo-cat, a mouse on a springy cord which hangs from the door-frams, balls, ping pong balls inside a big box with a hole in the side that the cat can jump into, feather dusters, catnip bags, cat dancer, etc. Try to play with him until he is too exhausted to attack.
Good luck, and keep writing back with questions.