How the charge light works

This is about the red charge light on the headlight shell just behind the speedometer.

I like to look at it this way: the red indicator is a 6V incandescent light
that is connected between the battery and the generator.  This light bulb
burns at its rated value when there is 6 V across its terminals.  That is
why it lights up when the generator is not generating.  It then, effectively,
is connected to +6V from the battery and 0 V from the generator, so it
lights up.
When the engine is running fast enough and the generator puts out +6 V,
the indicator has +6 V on one end and +6 V on the other: no voltage
difference, so it doesn’t light.

However, if the generator output does *some* power, but the voltage isn’t
adequate, the voltage difference across the indicator will be smaller than
6 V. It might burn softly, but it will be very hard to see.  This is typical
for light bulbs: if connected to half their rated Voltage, they burn at 1/4
power, and thus approximately 1/4 light output.  Do the math: if connected
to 1/3 the voltage, it will burn at 1/9th power.
It will be very hard to see, especially when there is ambient light, as on a
sunny day.

From this one learns: the red light will indicate that you are using
battery power, for example, when you are about to start the engine and have the key
pressed in.

It will indicate a major failure in the charging circuit of your bike.

It will NOT indicate discharge during riding the bike when the
generator/regulator is “just not up to it.”  You might be slowly depleting
the battery and the indicator will not light.