Yeah that's right. I sounds lean though if the choke makes it run better.

 

Sounds like your float needle isn't seating. Once you have the Needle valve off look closely and see if it has a ring around the tip from being set in the seat.

Also it may pay to polish your neddle seat. Any imperfection will allow fuel to flow past. It can be easily done by chucking a q-tip into a drill and applying a small amount of toothpaste or Brass cleaner to the tip and once you place it into the seat let the drill spin. Alternate with a clean one to remove the polish and to buff and check with a bright light (I like to use a Jewlers Loupe or magnifing glass too) and look for divots or if you see any or discoloration, keep spinning that q-tip until there are none.

Cheap insurance to replace the float needle, just to eliminate that if anything.
Good luck.

 

An update for everyone.

I got 59 psi of compression.

I rode this thing all day yesterday and it died again when it was hot, seemed like an electrical problem as I was doing nothing but full throttle, it finally came out, got home and the thing was blowing blue smoke, like it was rich. I can't get it started now and found out about low compression.

I suspect the rings have overheated.

 

Running lean will make it overheat. Ironically, I just put a large jug of water with a valve and tube running to the engine for pulling loads of dirt. When it gets hot, I turn the water on. It helps some.

Anyway, your oil rings are shot.

 

correct me if im wrong but blue smoke normaly means your burning oil/getting oil in the combustion chamber, bad rings or something, black smoke usualy means your running rich.