[Excaliber]

Well, I'm scratching my head! I keep looking at the wiring diagram and drawing a blank on what might cause this.

The only thing I can come up with....
One side of the warning light gets 12 volts directly from the ignition switch. The 12 volts passes through the "light bulb" and then continues on to the voltage regulator "I" terminal. IF that "I" terminal wiring back to/from the red light is grounded along it's path (between the light bulb and the "I" terminal) the warning light will stay on. I don't have a schematic of the internal wiring of the V.R. itself,,,, bummer. I SUSPECT the voltage regulator cuts off the ground internally when a charge rate is detected. If so, thats why I suspect the V.R. is bad.