I just realized that I do have new fuel lines haha.... BUT I'm really confused to why there is gas coming out of the excess fuel line even though it's not completely full of gas. I turned on the gas and fuel keeps coming out of it. Any theories?
If that is the case then the needle and seat assembly in the carb is stuck open or not completely sealing or your float in the carb is sticking not letting the needle and seat seal....(that has to be fixed if you want it to run/run right).
If it was my bike the first thing I would do is a compression test and check for spark (if it has no compression doing anything else is a waste of time and money until you verify/get a good top end/compression) just because you feel compression on the "kick" don't necessarily mean it has good enough compression to run....To make sure you have spark (pull the plug leave the plug wire on it and kick it over, you will see the spark at the spark plug).
once you confirm good compression and spark see if that throttle cable is froze up or the throttle itself is (a throttle cable is cheap).....then I'd just buy a carb rebuild kit (I just bought a rebuild kit for my sons 2001 RM 125 yesterday for $28) a carb kit comes with all new jets, needle jet, needle and seat, all o-rings and gaskets needed to rebuild the carb) you can buy just a new needle and seat but for the price of a complete rebuild kit, a complete rebuild kit would be the way to go.....with the needle and seat stuck open/not seating(or float sticking) I'm sure that carb is dirty and in need of a good cleaning anyways.....
also...If you plan to put a few bucks into the bike and keep it....the best money you can spend is buying a service manual for the bike...you can probably(if you're lucky) find a downloadable manual online for cheaper than buying the book itself.....
and remember when buying parts....especially parts you have to order...ebay is your friend!!! parts are usually cheaper and delivery is about the same as your local parts store order time....
keep us updated...and best of luck to you!!!