Thank you all for the comments.
Yes, I've bypassed regulator, powering field coil directly from the battery.
The field coil created magnetism on the cover, and the stator coil outputted desired 15-20 volts ac.
The problem is that its my second RegulatorRectifier (RR), meaning that something else is wrong with the charging system.
The story goes as follows:
PO said the battery was not keeping the charge.
I got a new battery but a different model with polarities swapped.
Didnt look while installing, toasted main harness for few secs and probably burnt most of electrics on the bike.
At that point brought the bike to mechanic, described the situation.
The guy said he inspected the harness across the bike and fixed burnt parts of the wires. Suggested to get new RR, since the battery was not charging.
Got the bike back, got RR unit, installed, but the charging issue didnt go away.
Checked alternator - passed the tests.
Flipped out; ordered new wire harness, installed, and vuala! - start getting 13.5 - 14.5 V on the battery while revving the throttle.
Rode for a month, than the problem came right back - the battery is not charging.
Just now figured out that the regulator went bad again.
Couple side notes: PO changed the ignition key switch for some cheap chinese one (mechanic told) and my rear light is not working (trying to think of everything).
Afraid if Ill change RR again, it will go bad soon.
But maybe I got a #$%*ty RR in first place (paid $30), and I should of gotten a $120 piece.
Any thoughts?