You want the hose pointed downward so that any gas that is in the tube can flow freely out and onto the ground.
Two considerations on how the tube is routed:
1) The tube must NOT be routed so that any part of it is higher than the carburetor
2) The tube should be routed so that it won't get caught in any moving parts nor will it get yanked off by bushes, rocks, etc.
Going back to your original post, the fact that any gas comes out of the tube at all is an indication that your float valve isn't shutting the flow of gas off. If you lay the bike on its side then gas is expected to come out of this hose. If it come out any other time then it could be indicating a faulty float valve.
Sometimes you get a little spec of dirt that holds the float valve open for a bit and it will clear up and go away on its own. If it happens on a regular basis then you should plan on tearing the carburetor apart and replacing the float valve.
Rod