The two wires (white/red stripe and blue) come from the ignition switch and end in the connector, and don't connect across. All the other connectors on the bike are sealed type. The connection to my voltage regulator was one of these same funky unsealed blade connectors too. When I put on my mosfet regulator I changed to the metri pack type that came with the regulator.
My guess is that the original voltage regulator connection melted...
A little anecdote
(yes it can happen, those little OEM box are not reliable ! A couple years ago mine literelly birst into flames becose one of the wires crated a short... I stop beside the road and trew some dirt on it to stop the flames !!!!
It damaged all the wires in the front of the bike that was my introduction to motorcycle wiring .... I've learn everiting just to make sure the bike dont burst into flames again ......
I recomend everybody to get a mosfet regulator...
... it seam that the previous owner whent to is local hardware strore to get those funky blake connectors.... to repair the damage cause by the regulator ....lol