No power

I have a 2001 sportsman 500 it has been sitting for a couple of years. Before I stored it I treated the gas shut fuel valve off and ran it till it died than drained the carb.
I got it out the other day than drained the gas from the tank filled with fresh gas checked fuel filter and than pulled carb to clean. Everything looked great. Machine fired up and idle just fine. Took it for a ride and it has no power I could only go about 20 mph. I did notice the exhaust was red hot at the engine but the exhaust was coming out fine no restrictions. It got red when sitting and giving it some throttle. Any ideas why I have no power.

Thanks
Jim