Wont run after first start.

So if i go to start the bike after its been sitting a few hours it starts right up. Then about a minute later it dies and wont restart. I checked stator, new battery, in line fuses are good, the speedo reads random mph when revved in nuetral, theres some gas in the oil and a leaky petcock. The latter two issues I have parts in the mail to fix. I have checked for knicked wires or bad grounds and cant find anything. I also have checked the seals for intake and carb. The previous owner installed what looks like an e model tank with no visible vacuum hoses. Any guidance would be much appreciated.

Might be flooded if the O ring at needle valve is leaking
Might be gas in the oil, when you have enough in there, and then heat it up, the gas vaporizes and causes run ability or starting issues. 

2 hours ago, Erik Marquez said:

Might be flooded if the O ring at needle valve is leaking
Might be gas in the oil, when you have enough in there, and then heat it up, the gas vaporizes and causes run ability or starting issues. 

Yes as I mentioned in my post. I brlive thats the first issue and I have parts on the way to repair it. My second issue is the random speed readout when I rev the engine in neutral. Thats what I am mostly asking about, and if its related. Thanks.

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