Motorcycle Repair: Voltage, volt meter, stator

Question
1991 FLHC- Bought used, and abused, many other problems I have fixed already.  When I rev the engine with the lights off the voltmeter indicates 14 volts (I believe this indicates the alternator is functioning correctly). When I turn on the lights, rev it, the reading drops to 11 volts.  Would this indicate a faulty voltage regulator?  Thanks; Jack
You have been helping my friend with a 90 Fatboy, thanks.

Answer
Make sure you have the battery tested if its old to make sure you dont have a bad cell or a bad battery.
If its ok then you need to check the voltage at the battery with a volt meter with the bike running. Dont rely on the meter on the bike. Start the bike and see what the voltage is with the lights on and off. If you are falling below 13.5 volts then it either the voltage regulator or the stator is bad.
What you need to do is test the stator. There is no test for the regulator. Start by going from one pin to ground with a OHMs meter on the stator with the regulator unplugged. Should show zero OHMs. Do the other pin. Same thing. Pin to pin should show OHMs.
Now you need a AC volt meter. Start the bike and at the stator pins you should show around 60 volts at around 2000 RPM. If the stator fails the above tests then its bad. If it passes then the regulator is bad.
Good luck and happy riding
Mike