Just got back from a ride and this time the light stayed on. I noticed the bike bucking a little so i pulled over. Turned off the bike and restarted it. The instrument panel went nuts, lights dimmed and the bike sputtered. I turned it off and then tried it again but this time the bike was dead. Nothing, nodda, sip. I pulled of the seat to check the negative wire coming out of the battery because I noticed it chaffing a little on the seat the week before but it was still solid. I decide to try and start the bike again with the seat off and this it started fine. No engine everything seemed great. I was only a kilometer from my house so decided to head back. I popped the seat back on and proceeded back. As soon as I sat on the bike it started to sputter, the engine light came on and the gauges went nuts flicking up and down, light got dim, blinkers never worked, etc.
I got back to the house and popped of the seat again for a better look and I discovered the positive (red) wire terminal was loose and was causing the trouble. I tightened it back up and went for an hour ride and everything was great. Problem solved. I had to reset my clock and the tripometer reset itself but other then that everything was back to normal.