We typically give 10% warnings when needed, and they decrease by 4 every 24 hours. The user with 2% warning remaining would have been warned over 48 hours ago.
Being on the warning list disables a few profile features, and sets you up for a ban for other offenses while on your "watched" period.
I would think you could view your own warning level the same way you viewed someone else's, but I'm not positive.