[blueboy5000]

That's the petcock (fuel switch) it's vacuum operated.

But, you state you were maintaining 60mph for an extended period of time then your bike died? Probably over-heated, which is no good whatsoever, and potentially wasted the head.

These bikes should NEVER be driven at 60mph for longer than about 5 seconds at a time.

It is normal for the fuel filter to only have a small amount of gas in it, but you should check your petcock anyway. First locate the vacuum line that attaches to the petcock and disconnect it from the intake (or other vacuum hoses) but leave it connected to the petcock. Then disconnect the fuel line from the fuel filter. Place the vacuum hose in your mouth and suck. Fuel should flow out of the fuel line steadily when you suck on the vacuum hose. If it does, your petcock is fine, if it doesn't get a new one.

And remember! Do not drive your bike around at such high speeds and RPMs! You WILL kill it. These bikes are designed to cruise at about 45-50 mph, with occasional bursts up to 60mph (mine goes 65mph with a TON of mods, and even I don't ride it that fast).