You have a twofold problem: the swingarm pivot bolt goes through both the frame and the engine. At the back of the engine there's a steel sleeve which is part of the spacer for the pivot bolt. If the bolt spins, then it's not seized in the engine sleeve, this is a good thing. But it's still seized in the swingarm bearing race sleeves and that's why you can't get it to move.
Thumpertalk thread on using a torch:
http://www.thumpertalk.com/topic/522065-stuck-swingarm-pivot-bolt-read-on/
If this works, then all is well. If it doesn't:
There's not enough room between the engine and the swingarm for a sawzall blade, about all you can do is cut the head and end off the bolt but that means you still have it stuck in the back of the engine.
Lay the bike on its side, doesn't matter which, although I think I'd start with the nut side. Use a center punch to mark the center of the bolt. Use cobalt drill bits for this next part, don't waste time and $ on black oxide or titanium bits. When I did this on my XR600, I started with a 3/8 drill and finished with a 1/2 drill.
Drill a starter hole lengthwise in the bolt (if there's not a hole already), it needs to go in at least a couple of inches and keep it as straight as possible. Now start drilling bigger and bigger holes in the bolt, keep going until you have a thin sleeve of the bolt left, say around .010 thick, the hole needs to be as deep as that center bushing I mentioned earlier. Now flip the bike over and drill the other side the same way.
Once that's done, you can wail on the swingarm at the pivot with a deadblow hammer until that remaining thin sleeve breaks, now you can remove the swingarm. Don't use a metal hammer, it will deform the swingarm and now you have a whole new problem. If it still doesn't want to break, you can go out a bit bigger with the hole but be very careful not to damage the bolt holes in the frame. The bearing races are hardened steel, unlike the swingarm bolt, and a drill will just skate on that stuff.
No this is not fast and it is not fun. But it's probably the only way to get it apart. When you reassemble things, be sure to use good quality anti seize on everything. In fact, some of my enduro buddies would drill a 3/32 hole lengthwise in the swingarm bolt to the midpoint of the swingarm bearing race, drill another crossways about at the midpoint of the bearing race, then tap the hole in the end of the bolt for a grease fitting. They'd grease it evey second race, that way they could get the damn thing back apart.