Pull the carb and clean everything thoroughly .
Polish the float needle seat 'til it shines bright . Insure that the float needle is serviceable .
The nipple that fuel is coming out of above the float bowl is an over flow and should have a tube that drains below the motor .
You'll need a factory air box with filter and a connector tube , if you want it to run decent .
I wouldn't ride very far on that tire .
Here's the service manual .
Read it .