That's exactly how my buddy Gary's valk acted. The petcock needed rebuilding, search the tech archives for "cover set"
to get the part number, and tons of rebuild instructions and pictures.
If gas is getting that far (to where it spews raw out of the weep hole in your pipes) you are in danger of "hydrolock"...
it could fill up a cylinder all the way - liquid doesn't compress - you could hit the starter and break internal engine
part$.
If you go to a mechanic, instead of fixing it yourself, you'll know you've found the right one when s/he knows
what a cover set is and where to get one...
You can feel good that your petcock has been rebuilt well enough to avoid hydrolock if reserve kicks in when you
think it should, and "off" makes your bike run out of gas in a mile or so. If you rebuild it yourself, there's a shop talk
article that describes an easy vacuum test you can do before you even put the petcock back on the tank.
Here's what the diaphragm inside of Gary's petcock looked like, and the little rubber... tittie... on the petcock
weep hole is the previous owner's insane attempt to fix the gas leak problem...

-Mike