rachel:  

what might be happening to your circuitry is a short occurring when you 
watered your baby down.  In other words, there may be an excessive voltage
drop between the regulator terminal B+ and the indicator light.  Check the
connections as follows: - Run the engine at a fast-idle and switch on the 
headlamps, windshield wiper and blinkers.  Connect a insulated cable (about
20 feet - use a heavy gauge wire) to the terminal B+  of the regulator.
Bare the insulation from the free end.  Contact this end to the following
points in sequence:  Lighting switch terminal, Fuse box terminal of the
lighting switch.  Ignition/starter switch terminal, fuse box terminal of the
ignition switch.  If the warning light stops glowing when one of the 
connections is made the poor connection causing the voltage drop lies between 
the last point of contact and the previous one.  Look for loose connections
faulty cables and defective contacts in the troubled circuit.  If this
doesn't result in solving the problem, try Muir's mini overhall of the 
generator.  good luck

christian