Have not given up
 

Still trying to figure out why battery light is on and battery is draining. Have had some good ideas what to check. I went out and took the top off of voltage regulator and started truck. What I need to know is while truck is running should all three contacts (looks like points set up) be opened. All three where opened and I took my pencil and tapped on top of the battery terminal on voltage regulator. I looked in truck and battery light was off so I look at the contacts on the battery terminal on voltage regulator and they where closed. I tapped on it again and contacts opened and battery light came back on. What little time I had truck running it drained battery from 100% to 60%. How are the contacts suppose to work and any suggestions would greatly be appreciated.

Generators don't charge until 1000 -1500 RPM, depending on charge state of the battery. Does the light go out when you rev it?