Is it supposed to look like this?

[JeffStrom]

It is the connector between the stator and regulator. Looks like arcing inside the connector. It happened one day immediately on start (saw smoke) so I don't think it was just resistance in the connection. Static test on the stator and regulator looks fine. Will check voltage output of the generator next, but it may just need the connector replaced. Apparently this type of failure is common on that model and year. I'll probably do something different for the connector.

[fixxervi6]

beamer?

[dufremle]

Looks fine to me.

Wonder if some moisture got in there somehow.

[JeffStrom]

beamer?

GSX-R. Looking at the Gixxer forums, this is a common issue for the bikes from the early to mid 2000's. Should be an easy fix as long as it didn't fry something down the line.

[JeffStrom]

Looks fine to me.

Wonder if some moisture got in there somehow.

I suppose it is possible. But then I don't ride it in the rain and I had dielectric grease in it. I'm considering putting each of the three wires in individual insulated connectors to improve the isolation.