The alternator is phased, meaning each wire puts out different voltage depending on what RPM your engine is spinning. And a test light isn't going to tell you anything other than if there is juice or not. To properly test an alternator you need a descent multimeter. Again, depending on engine speed, each wire should be roughly 60-80 volts, each activating at different RPMs. To make sure your entire electrical system is working you should test voltage at the battery too. Everything turned off, a healthy battery should hold between 12.4-12.9 volts. Bike running with lights and everything on, at idle your voltage should be around 12.8-13.3 volts. Engine speeds over 1800 RPMs you should be running right around 13.8-14.4 volts. Anything less usually indicates a weak alternator, anything over that could be an indication of a failed rectifier/regulator.
Scottie