These bikes use a vacuum operated fuel petcock too allow the flow of fuel when the bike is running vs shut off. In other words, it takes a vacuum(bike running) to provide a vacuum. The diaphragm in the fuel petcock has undoubtedly gone bad or the vacuum hose has come off or developed a leak.
Check the vacuum hose first connected to the back side of the fuel petcock and make sure it is connected/not leaking.
The fuel petcock itself can be repaired with a replacement diaphragm kit available from your local Honda motorcycle shop. However, unless you are mechanically inclined I would probably let a motorcycle shop do the repair since it does involve gasoline.
Good Luck with it!
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