Sounds like the field is OK. What is the actual field coil voltage connected (green to black on the regulator) with the engine running? How are you measuring the AC output - what meter, rectifier connected or not?
How's the battery? Good charge and holding voltage with the keyswitch on?
Test: Pull the "tail" and "head" fuses to reduce load, if you have a 3-fuse bike. Connect the white and black wires at the regulator together with a clip-lead or pushing the female spade connectors together (they will do that in an odd way) for maximum field coil power. Measure DC volts from these joined wires (key ON) to ground, it should be close to the battery voltage - within ~1V - lower means there's a harness, fuse, or switch problem. With the rectifier disconnected measure AC voltage (engine running) between the yellow wires (3 readings).
If you don't get a decent voltage (not sure what's "correct", more than 14V though) with the engine running then I'm stumped for now. With the stator reading OK, the field coil working, and the rotor spinning... it should work!
If you get OK voltage with the rectifier disconnected but 5V with it connected I think there's a rectifier problem.