The correct answer would be to break it down and go through everything. Being an XS motor you might get away with less. The easiest step would be to pull the oil sump plate and oild filter then inpect what you find. If it looks okay I would flush the motor out with mineral sprits. Lots of it. I use ketchup/mustard bottles that you buy at the dollar store to squirt it everywhere. Pour it into every opening you can find, oil fill, even pop out the valve covers. When it comes through close to clean go to motor oil. Pour that into the same holes to flush the spirits. Use the kick start to rotate the engine often. I step further would have you take off the clutch side cover. That allows you to get into the block deeper. You can pull the plugs and rotate the motor to listen for bearing noises. When you get ready to close things up put your new or cleaned filters in, fill the oil and crank or kick the motor a bunch with the ignition off. I like to crack the oil feed tubes lose at the cylinder head banjos and crank until clean oil comes out then tighten and crank some more. Shoot small amounts of rust penetrant into the sparkplug holes too and crank with plugs out. Have rags ready to catch the snot flying.
If you get the motor running check the oil at first shutdown. If it is milky change it again. If not run it a little then change it. I wouldn't suggest this for any other motor and you are taking risks but the costs and time are much less then a teardown. These motors are pretty tough. Anything short of rusted, frozen bearing internally will allow then to recover from long term storage.