Sounds like reg/rec to me.
You should be able to see it behind the motor, just under the join in the seat and fuel tank.
It looks something like this:
http://www.gear4bikes.com/images/reg_recs/H716710.jpg
There should be 5 wires coming out of it, 3 yellow, 1 red and one black
Give them a neat tug, if any come out and are all black and sooty, and smell like burning, then that's your problem.
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