I have a 01 Dyna Low Rider and after riding about 20 miles on Saturday I shut the bike off and was standing there and looked down at the side of the engine and gas dripped out from behind the air cleaner cover down onto the engine. I then rode back home and after shutting it off, about 5 minutes later I heard a "frying" noise and the same thing happened again, this time probably a 1/2 a teaspoon of gas. I had already shut the gas off at the tank when this happened.

What is the problem? Is the valve sticking open in the carb?

 

You might have your needle/seat sticking or possibly trash under the seat which is keeping it from closing off. Another possibility is that the float level is too high.

 

Both likely possibities

 

Stuck float is my guess. I'm not motorhead by any stretch of the imagination, but I believe the carb should have a rubber line that runs to the bottom of the bike so the gas doesn't overflow onto a hot engine. I'd pull the carb bowl off and give it a good cleaning.