I had a similar situation when applying for a student position in an ongoing reserach project when I was at university. Although I was not asked to prepare a presentation, I was given a short paper containing previous results from said project in preparation of my interview. Upon handing me that paper, the professor said that they considered this as kind of an intelligence test.
During the interview, they asked me in depth-questions about the topics discussed in that paper, and even questions going beyond the contents of the paper itself, including extrapolating findings from the paper onto other situations. They wanted to test not only my ability to understand a given topic, but also my ability to look beyond, to look deeper into a given objective, in short, they wanted to assess my quality as a researcher.
So even though it might be hard for you, and quite a lot of preparatory work, I would suggest that you do not only use the paper itself for the presentation, but look into one or two related papers as well, and maybe even reference them in your presentation.
In my opinion, it is not necessarily a good idea to ask the professor what they want to hear, because they might expect you - as a prospective person to work with - to "shine" on your own.