Stock hotstart is above the clutch but alot of times the aftermarket hot start levers will be on the right side next to the throttle. This is supposed to help prevent you (the rider) from giving it gas while kicking with the hot start engaged. Judging by the fact that you have a red hot start lever I'm guessing you have an aftermarket one, my stock one is silver and on the clutch side.
I got my valves adjusted on my 04 CRF450R today, I don't even need the hotstart lever to start once it's hot. It starts up first kick cold and first kick once hot. What a difference it is from what it was before, it's amazing what a tight intake valve will do.