B&L is right. The choke is now fully open, and supplying fuel.
This all goes back to something clogged up inside your carb. or like Blue suggests the petcock (in this case) is starving the carb.
Maybe even the screen Filter inside the fuel cell is clogged up.
Start at the beginning, and take it all apart. Drain the tank, and look for rust inside. If it's there I have ways to clean that. Pull out the petcock, and clean the screen. New fuel lines, and filters are less that 5 bucks.
Rebuild or replace the carb... Less than 25 bucks
New air filter, and oil change another 15.00
All in all you have everything new, and if there is still a problem, you have a few years worth of new parts. the problem is still there if it runs on a fully enabled choke. If you're in North America... you still have a few months that it will run as is. Summer will kill you w/ flooding