You are not alone. I had the same problem on my 02 1200 and several others have reported that they had the same problem with stock petcocks leaking.
Fuel leaked past the petcock and contaminated my oil twice before I figured our why it was happening.
My 3 options were:
1. Buy another stock one (new or used)
2. Upgrade to a Pingel
3. Install an in-line valve between the stock petcock amd the carbs
Although option #3 was by far the cheapest and would work fine, I went with a new Pingel and I am glad I did.
It is an easy to use manual petcock with reserve.
Replacement parts are available if they are ever needed.
It is beautifully made and it cost no more than the stock part. (like jewlery for my bike) It is so nice to look at that it is almost a shame that it is hidden from view.
In my opinion, a stock replacement is a poor second choice and the replacement might fail too for the same reason that the original one failed - it just is not as well made as the Pingel.
An addes plus is that, if theft is attempted, my bike won't start unless the fuel tap is opened. In this modern day of automatic fuel valves, most thieves probably would not know that they needed to turn on the fuel to start my bike.
My opinion: Just buy the Pingel.
Good luck,
Dave