Yep id say reg rec failing.
I know its not the end of the world if you dont, im sure a new one would be fine but for probably less money you can upgrade your system to a mosfet reg rec, either an FH08 from recent cbr's etc or an FH10 from zx10/14 fjr1300 etc. Bit of wiring and bobs your uncle.
Just did my curvy with an FH010 as I couldn't ride with my main beams on. Now I get 14.7 at idle and 14.5 with lights. No fluctuation even throughout the rev range
Not too sure what the story is if its a pointy though.
Here's a fault finding guide to help..
http://www.electrosport.com/technica...ding-guide.php