This morning I noticed a small puddle of fuel under the bike. I traced the leak back to the petcock. Seems to be dripping out the front. Is there a way to fix this short of replacement? I don't have  problem putting a new one in I just hate to have the bike down for a week waiting for the part. I'm going to try it in different positions to see if leaks all the time or just in the on position. 

One thing I would add...I usually leave the bike on the center stand at night...last night it was on the kick stand....wondering if leaning to one side causes it to leak....

If it was the leaning causing the problem, you might want tpo double check your floats are working / float bowl gaskets.

If it is your petcock, the frame mounted one, then you just need to check the hoses to see if they have perished and replace / repair as needed. Cable ties are useful to ensuring a good tight fit.

Check all those hoses going to the petcock too, as it might be leaking from the tank.

Conoral11

Thanks some good tips...I'm pretty sure its the petcock (frame mounted). The fuel seemed to be coming out of the front of the valve itself. I was hoping it was just an o-ring I could swap out but it looks like it wasn't designed to be service. The carbs are due for all new gaskets and o-rings...just got the kit the other day. I checked the float height using the tube trick and they seem OK. Right now the bike is on the center stand....no leaks however I did make sure the petcock was centered in the on position, before it was as far towards the back of the bike it would go...thought maybe it being off center made a difference.

Is it the new or the old petcock?

I recently replaced the o-ring in my old version. It was in four pieces. An easy fix.

Its the original one...97 GS500

clean the gasket and oring.  If that doesnt work, replace them.  If that doesnt work, you need a pingel.

I would check to see if there are orings that can be replaced liek, everyone suggested first. If it is hot where you live the tank could possibly be building pressure from fumes and potentially forcing fuel past you petcock. Does it only leak when it sits? If it does then I would try opening the cap when it is sitting. This is just a shot in the dark, to maybe give you some ideas.

I am about to do a Pingel install on my bike. But if you wanted to save some money I would go with a petcock off of a newer bike. You can pick one off of Ebay for about $40.00. I believe the Pingel cost close to a $150.00 shipped nowadays. They have raised their prices significantly. I ordered this before I thought about using a newer model year's parts. The newer have eliminated most of the problems of the older part.