If it was during cranking, your battery is better than mine, which dropped to 9v during cranking 10 secs with the plug wires pulled (but recovered to 12 v within seconds afterward).
(its over 4 years old, and seen some abuse ... I'll probably see if it lasts the season ... maybe next too)
If it was after, the battery is pretty shot, but given that it still starts the bike ...
Regardless, there is still something else wrong with the charging system,
Even a crap battery should still come up to above 14 pretty much instantly as soon as the revs go above 2k or so. That yours doesn't means something besides just a bad battery is going on.
(My crappy battery came up to 13.5 instantly and then above 14 within 5 seconds)
Did you check if the stator has a short to ground (disconnect all the stator leads from the R/R, measure resistance from any stator lead to the batteries ground post. Should be infinite (above 10,000 ohms for sure)
Also, try running with one of the three stator leads dis-connected from the R/R and seeing how it charges. Do it three times, disconnecting all three leads one at a time.
If all three times are worse this is correct.
If two times are worse, but one time is the same as it was with all leads connected then that connection (probably the bullet connector) is not making contact.
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