Starting with the basics, I'd make sure the battery is good. Is it holding a charge?
After that, I'd suspect the voltage regulator. On many motorcycles, simply removing the VR from the ground eliminates the current path, and raises the voltage. As long as a battery is in the system, and the engine is not at very high RPM, it's a valid test to see if the VR is shorting power to ground excessively. Remember, a motorcycle VR shorts excess power to ground anytime there is a surplus of power, such as above idle.
And, of course, the stator. Motorcycle stators are total loss units, meaning they are not regulated, and always make maximum output. This causes the windings to fail more often than on conventional alternators.