actually the most precise way is to gauge it by the condition of the spark plug.
the air screw adjusts the mixture of the idle/slow/pilot circuit. there are several parameter that affect the mixture's condition: altitude, ambient temp, barometric pressure, atmospheric pressure......
do as the guys above said, then once you think it sounds good, turn the bike off and check the condition of the plug.
if it looks lean, turn the screw in some, if it's rich, turn the screw out some.
then check the plug again.