Osteophyte formation appears to abut the exiting s1,l5 nerve root. i have back and r leg pain and leg tingling and numbness. what does above mri mean?

See details: It means you are compressing that nerve root resulting in radicular pai aka sciatica. I will generally treat this with a tapering course of prednisone. If that does not help, I would consider PT or targeted injections.

Pinch: The changes you describe on your MRI suggest your leg tingling it's due to some punching of the nerve. Sometimes it gets better on it's own. Sometimes a cortisone shot under x-Ray can help settle it down. Surgery...usually not the option of first resort, but it has it's role in these things.