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If you really want to keep it on the bike, there is a rubber boot under the seat with a relay in it. Wrap the key in black tape and put it in the bottom of the boot with the relay in on top of it. Then you only need a screwdriver to get the seat off....BUT keeping on your person is a good idea.
I'd prefer not to leave one on the bike either, but with no other choice, how about under the timing cover? It's just an empty box with the EFI bikes. It's got to be good for hiding something.
I have a quality magnetic case stuck to the bottom of the tank. Drilled a hole thru it and attached a tie wrap to it and the fuel line as a secondary saftey dohicky.
Gary