Sounds very much like the reg/rec to me aswell - there is a post by sid squid on this forum (you may have to do a search) about how to check if the reg/rec is blown using a multimeter attached to your battery!
Don't dispair or get too worried - Its a common fault with SV's - mine blew at about 25,000 miles. I got a new one from suzuki which looked like a differant design, so hopefully better heat dissipation (which, as far as I understand, is a major reason why the reg/rec fails). In 8000 miles, I've had no problems. I use my bike every day almost
To find the regulator/rectifier, you need to take the seat unit plastics off and it'll be on the right hand side (as you sit on the bike) or, if you prefer, the side that the sidestand isnt on
Matt