You need a 10mm wrench. Pop the nuts and run them all the way to the middle, give the spindle a few turns, climb on, and (wearing boots) check the fit. You will be off and on a few times to find the Goldilocks spot. Once you have found the best position, hold the center spindle and spin each lock nut out until it hits the stop. Snug both nuts with the 10mm.
Should your feet be size ten or larger, see Rick at ADVTech for a peg lowering kit with shifter relocation. As a 6'1 guy with long legs and an 11EE boot, Rick's little kit is magic. The peg-to-butt distance matches the '04-11 650 (comfy!) and the toe tab on the shifter is exactly on my toe. I can shift up or down with my heel on the peg, by rotating my toe around the toe tab on the shifter. As it should be.
Being slow doesn't make a boring bike. I had a R1 which I thought was boring. Boring is a bike that doesn't speak to you. If you like what your bike is saying let it's voice take you to far flung places. - Vertical C