This is a 1997 Suzuki Savage LS650 that I've just bought.

It had been stored for a long time, so the dealership had left the petcock on Prime, which I recently switched to On. Following this switch, the bike started leaking gas from this hose that you see pictured below. It seems to only do it when I'm going in low speeds in parking lots practicing U-Turns and the like. It also will do it when I stop and put the kickstand down. Sometimes it is continuous and other times it only does it for awhile and then eventually stops. I have no idea what this hose is, where it goes, or if it should even be hanging like this. I'm a complete newb, so be easy.