I'm assuming it's a stock 2T engine with the stock carbie?
If so....
Float Level (raised position) is 3.5mm
Float Level (lowered postion) is 1.2mm
Raised Position
Hold the air-horn upside down and allow the float to hang down by its own weight. Check the gap between the float tip and the air horn. Standard gap is 3.5mm. Adjust this gap by bending the centre metal lip.
Lowered Position
Lift up the float and check the gap between the needle valve bushing pin and the float lip. Standard gap is 1.2mm. Adjust this gap by bending the outer metal lips.
Metal Lips
When looking at your float you will see two longish rods with holes in the middle. The float is attached to the air horn via these rods. Just inside these rods you'll see two metal lips, and a single metal lip in the middle. The inside, single lip is the one you adjust for "raised position", and the one's on either side of this are for adjusting the "lowered position".