I'm guessing that the OP didn't just decide to bleed his brakes for the fun of it but because they weren't working properly. Probably weren't working properly because, as Geezer has stated, the rotors were warped. I'm betting the new rotors fix the problem.

 

I dont think you guys understand what difference between a warped rotor and a loss of fluid pressure symptoms are.
A warped rotor will pulsate when applied, it will be minor or major depending on the severity of the warpage. Lever or pedal going to the bars or floor is an internal issue of bypass or most common cause is air.
If the rotor was warped to the point that is being described here the wheel would not even turn because the rotor will lodge in the caliper as it tried to rotate.
9 out of 10 times issues are caused by the last repair made.
I just hate seeing good money thrown after bad.

 

Thanks for the responses everyone. I'm going to try to answer all the questions you guys have concerns about, and if I forgot some please let me know. I have a 01 RK classic, NO abs. I've had a brake drag problem since I've owned the bike ( bought it used). I decided to rebuild the calipers because after changing brake pads, it seemed like a piston or two was frozen and one of them had serious heat marks (bluish, yellow color from over heating) maybe the last ride I took did a number in the rotors because a riding friend of mine noticed burn marks on them. We didn't use a tool to check if they were warped we just decided that they look "ok" ( stupid I know) I've done every possible thing to bleed the brakes properly and have no air. I've changed pads and bled brakes many times before. Everything is pointing to the rotors, and know after taking them off just now I can really see the heat burn on them.

 

Wow if one of the pistons was blue you have a serious drag problem. Seriously I would replace the wheel bearings because if it got that hot that the piston was blue the bearings probably are burnt. I would venture to guess the fluid was never changed and was so broken down the system was in poor condition. I think 01 used dot 3 back then. Chances are the cylinder bore may be scored and thats why your lever is going to the bar. And after your description of your blue and gold rotors, they too need replacing also. Good luck and keep us posted. Were here to help

 

I had put a new line last summer because I changed the bars to apes and had fresh fluid in it back then so I think every thing else is ok. I also rebuilt the master cylinder. I guess my last ride really screw it over. The rotors are not discolored (maybe a bit) but there are deffinatly scorch marks on there. If any one wants to see a pic of them I'll post one

 

And I replaced wheel bearings too not too long ago, after I rode the bike last

 

OK McDonnell, we will be patiently waiting for a report after you replace the rotors. Some don't think that will fix the problem, some of us do. Don't leave us in suspense for ever.

 

bagman when the bent portion of the rotor forces the piston back into the bore,the piston remains pushed back into the bore until it is pumped back out.When rolled with a a bent rotor the lever will will go to the bar when pulled,and will require pumping the lever to regain lever pressure.You have to remember on a motorcycle there isn't that much fluid capacity.By the way the 2001 uses DOT5 fluid. As stated I have witnessed this problem many times.

 

I have warped rotor(s) right now. It just pulses the lever. No loss of pressure.

But mine are only slightly warped. I guess if it was super warped/bent it could push the pistons back enough to cause what the OP is seeing but you would feel that before even applying the brakes.

OP: Pump up your brakes, hold it firm and put a tie wrap around the lever and handgrip. If it bleeds down in any matter of time, it's your Master cylinder.

If not, then I Second the advice to reverse bleed the system, by pushing new fluid into the calipers and up to the master cylinder.

 

Rotors should be here within the few days. Brought the pair I have now to a machinist (who also builds customs bikes) and he said they were warped to hell. Things are looking good