im only 16 and this is my first bike ever. im deffianetly in love. any tips? 

Congrats!!!  Now go take the MSF course.

Tip 1: Take the MSF course.
Tip 2: Buy good gear.
Tip 3: Wear all your gear all the time.
Tip 4: Practice practice practice.
Tip 5: Don't ride until you've taken the MSF course and have your license and insurance.
Tip 6: Wear all your gear all the time.
Tip 7: See Tip 1.
Tip 8: Do not ride over your head, be knowledgeable of your limits and do not push them too quickly.
Tip 9: You will drop your bike eventually, it isn't a big deal.
Tip 10: Don't let your ego get a hold of you. Ride smart and don't let other people try and push you to do something you aren't comfortable doing.
Tip 11: See Tip 5.
Tip 12: ALL LEATHER GLOVES.
Tip 13: Everyone is out to get you. Ride appropriately.
Tip 14: Don't worry about modifications and upgrades. As someone so wisely put it, "Upgrade the RIDER first, then upgrade the bike." Get comfortable with riding and acclimate yourself to everything. Don't worry about going fast, it will come with time. Concentrate on being safe and smooth. With smoothness comes speed.
Tip 15: Be careful.
Tip 16: Don't be a squid.

Ride safe.

My advice is to stay out of traffic until you've been driving for an entire 1-1.5 years accident free.

You might have the skills, but you sure as hell don't have the experience to be riding a motorcycle on the streets as a new driver.   The average life expectancy of a teeneager riding a motorcycle is 90 days or something ridiculous like that (ask an insurance agent).

If I were you, i'd put the gs500 in the garage and just stick to MX or off-road/dirt-biking for a year or so.

you mean you can ride somthing over 250cc's under the age of 18? crazy !!! in texas you can get your mc  at the prime age of 15 but it can be nothing bigger then a 250. once you turn 18 its fair game

Tip 1: Take the MSF course.
Tip 2: Buy good gear.
Tip 3: Wear all your gear all the time.
Tip 4: Practice practice practice.
Tip 5: Don't ride until you've taken the MSF course and have your license and insurance.
Tip 6: Wear all your gear all the time.
Tip 7: See Tip 1.
Tip 8: Do not ride over your head, be knowledgeable of your limits and do not push them too quickly.
Tip 9: You will drop your bike eventually, it isn't a big deal.
Tip 10: Don't let your ego get a hold of you. Ride smart and don't let other people try and push you to do something you aren't comfortable doing.
Tip 11: See Tip 5.
Tip 12: ALL LEATHER GLOVES.
Tip 13: Everyone is out to get you. Ride appropriately.
Tip 14: Don't worry about modifications and upgrades. As someone so wisely put it, "Upgrade the RIDER first, then upgrade the bike." Get comfortable with riding and acclimate yourself to everything. Don't worry about going fast, it will come with time. Concentrate on being safe and smooth. With smoothness comes speed.
Tip 15: Be careful.
Tip 16: Don't be a squid.

I think the most important thing advice I can give you is DON'T TRY TO LOOK COOL OR IMPRESS ANYONE. That is going to distract your focus, and cause you to crash or do something stupid. I gaurentee it. You will look a lot cooler riding the bike, and a lot LESS cool laying on the ground with the bike on top of you. It is not worth it; do not try to impress ANYONE. Besides, you are already on a motorcycle - you don't need to try and look any cooler than you already do  

Don't ever - EVER - think you "know everything". It doesn't matter how much you ride, or how much you think you know. 10 miles, 100 miles, 10,000 miles, 100,000 miles - whatever. There is always more to learn, more skills to improve upon. You are always suseptible - you are never immune from accidents, mechanical failures, idiot cagers, etc. And I know most teenagers think they know everything - been there. But ALWAYS respect the bike, obey traffic laws and the rules of the road (they are made for a reason).

Never even THINK about trying to outrun a cop, or race anyone. Ever.  

Learn the motorcycle lingo and the culture. This means know the hand gestures for turning, "cop", slow down, debris in the road, etc. Ride with some other experienced riders, but always always always ride at your own pace. You will often hear "Ride Your Own Ride" - this mirrors what Alpha said.

Always respect the bike. The minute you lose respect for it, you might as well forget it. Never think "it is only a 500, I can't get hurt". BS. The pavement feels the same at 80mph falling off a GS as it does at 80mph on a Heyabusa.

Learn all you can about your bike. This include basic maintenance (oil changes, air filter changes, air pressures, clean / lube / tighten chain, how to change a fuse, etc). A lot of this information can be found on this site or on the GS500 FAQ . The more you know about your bike, the better!  

Stick around this board - you will learn so much you will amaze yourself. You might even meet some cool people.

Well, I use the term "cool" loosely....we're a bunch of dorks, mostly. But you get the idea.  

Welcome!

Always wear your gloves, the first thing you do when you fall is stick your hands out to break the fall.

Get used to wearing a helmet.  When you don't wear it, you will realize how really unprotected you will feel.

Use your peripheral vision.

You are invisible to everyone, even if they look like they're looking right at ya; and they can't hear you, either.

Don't look at the ground.  Use your peripheral vision to 'look out' for road irregularities (unless your area is know for huge potholes); you have suspension for irregularities.

Speaking of not outrunning the cops, here's a thread from the R6 forum that struck me as being quite interesting:

http://www.r6-forum.com/forums/showthread.php?t=23460&highlight=cops

My friend used to run from the cops all the time in his S2000... but now he'll be running from Bubba for the next 30 years

but back from the thread jack... be very very careful.  When I first got my cage license, my parents always gave me crap about I don't have enough experience to know what everyone else is doing.  At the time I thought it was BS, but now looking back they were so right.  There are somethings that take time to learn, namely how other people react in different situations in different areas.  A big part of driving/riding is predicting what other people are going to do and that is a skill that takes time to acquire, regardless of how well you operate the vehicle.  Just my .02

But yeah, wear your gear, take the MSF, and have fun