MEASURING AND ADJUSTING THE FUEL LEVEL
1.a. Place the motorcycle on a stand so that the motorcycle (
carb) is level.
1.b.Alternatively, take the carb off the bike and put the carb in a vise (gently) and level the float bowl. You'll have hook up a source of liquid (water or gas) to the gas inlet of the carb. I usually use an old turkey baster. (Yes, you'll need 4 hands

)
2. Get a piece of clear plastic tubing and slip it on the fuel drain pipe (it comes out the bottom of the carb and makes a sharp bend.
3. Place the tubing vertically alongside the fuel bowl so that the top of the tubing is higher than the fuel bowl mating surface.
4. Loosen the fuel drain bolt. Fuel will fill up the tubing and run up the tubing to the level that the fluid is in the bowl. The meniscus of the fluid in the tubing should be level with the fuel bowl mating surface.
If not to spec, then you need to adjust the float:
1. Drain the fuel bowl
2. Take the fuel bowl off
3. Inspect the needle valve and valve seat (could be worn or dirty)
4. Adjust the float level by slightly bending the float tang
5. Re-assemble
6. Measure the fuel level again
7. Repeat until the fuel level is within spec
Here's some reference pics
http://roadstarclinic.com/content/view/163/96/
Hopefully I haven't forgotten anything.
Doc