In general for a given load, lower RPM and more throttle will yield the best fuel economy. As you increase manifold pressure, pumping losses go down increasing engine efficiency. Additionally, as cylinder pressure increases, engine efficiency also goes up. So forcing the engine into a higher gear where you it needs more throttle to overcome the load will yield better fuel economy. As an example: 40 MPH @ 3000 RPM in 5th will give you better fuel economy than 40 MPH @ 6,500 RPM in 2nd.
Of course, as your speed increases the amount of power required to push you through the wind goes up too. When you double in speed (so from 20 > 40 MPH), it requires 8x the power (and fuel) to push the bike through the wind. So the amount of power required goes up dramatically as speed increases. Shouldn't that mean the slower you go, the better your MPG? That is correct up to a point. Engines have really bad efficiency at low-loads. So most engine-vehicles tend to achieve peak fuel economy between 35-50 MPH. The engine is in its sweet spot in top gear, and wind resistance isn't too high.
If I really baby my 750 (shifting early, keeping it around 2500-3500 RPM), I can get about 40 MPG. If I just bomb around all over the place in low gear really revving it out (not going fast, just revving it out), I've seen as low as 25 MPG. My bike is also likely too rich on the carbs, so you should be comparing the differences rather than my absolute numbers.