I don't believe anything is burned up. The bike was running when the plastic breather came apart and in turn there was a main bearing failure. The problem is that the bike sat, wrapped up in a tarp for 6 - 8 years. I think the high humidity and long rainy seasons caused corrosion in the ignition switch. I have cleaned all of the wire terminals, but in the process of removing the bolt from the 50 amp fuse under the seat, one of the terminals broke. I got my new one late last night and will start testing again after work. I'll update again tomorrow. Thanks for the help--I do greatly appreciate everyone's input.

 

Last night I replaced the the 50 amp breaker/fuse that I broke while cleaning. I put the battery back in and disconnected the ignition switch. Same thing--neutral light and oil light came on. I am not sure if this tells me anything. Is my ignition switch good?? or is it bad and unplugging it has no effect on it?? Today I am studying the wiring diagrams and when I get home from work I will start searching again for a bad wire/connection.