Above model started and was running on "headlight" position on ignition switch.
Then, it just dies while riding, no power, no lights, completely dead.

However, it WILL start and run on "first" position.
BTW... ignition switch is good, battery brand new.
Any ideas?

 

Had a very similar issue on my 81 ironhead. Replaced ign switch and made it worse, the ring terminal on the end of the wire was broken most of the way off, when I pulled on it the wire it broke off.