To start off with, let's assume the nucleus makes no contribution to spin. In reality, it will, but let's hope it is effects are shielded by the electron or its effects are comparatively small.
So now we just have the one electron. Generally, it can have many possible values for its orbital angular momentum. But usually it will fall into the lowest energy state. This state has zero orbital angular momentum.
So now, we just have the intrinsic spin of the electron, which is hbar/2. This gives the electron an electronic spin magnetic moment of about (plus or minus) 1.4*(10^-5) eV/T.
So when there is an external magnetic field of one Tesla applied to the atom, an energy difference of twice the number mentioned will separate the two states.
They usually talk about the magnetic moment of the electron because it is the energy difference which is usually measured (not the magnetic field itself). If you wanted to know about the magnetic field created by the atom, I don't know the answer, that's not something I've come across in basic quantum mechanics. If I had to guess, I'd say there isn't a nice, classical picture of magnetic field lines flowing through space. I suppose QED is the proper description for a magnetic field in quantum mechanics.
Even the idea of the electron's spin axis is a bit tricky. It can never be perfectly defined in a single direction, but you can define the component of spin in a given direction. (which is what happens when we apply an external magnetic field). So then you can imagine the axis of the electron's spin to lie somewhere on a cone of possible axis.
For a hydrogen atom in its ground state, when no external magnetic field is applied, the electron's spin will be equally as likely to be in any direction.
But when the electron is orbiting around the nucleus, there is another effect I have not yet mentioned. It is spin-orbit coupling, which can be roughly explained as an effective magnetic field at the electron, which means the different spin states will have different associated energy levels.