Also, in terms of maintenance, what are some of the things that I need to do on a regular basis in order to keep it running well for a long period of time? Please keep in mind that I'm asking from the perspective of a beginner rider and have never owned a bike before.

Thanks!
Maru[/quote]

Keep the 2 stroke oil topped up with good quality fully synthetic 2 stroke oil.
Likewise use a good quality gearbox oil and check level regually.
Fit new spark plugs and clean air filter.
Check and adjust chain tension and check for worn sprockets.
I would always do all the above when i first get a bike as you don't know how well its been looked after (or maybe get someone to do it for you).
There is infomation on this site about maintenance schedules so have a look in the workshop section.
Make sure you let the bike warm up before you thrash it.