err,?maybe you have bought a second bad reg,or,they both have been wired up incorrectly?dont run the engine untill its sorted,you might cause over heating within the loom elsewhere,if it tests high again shut it straight down dont rev and run it,umm,have you downloaded a wiring diagram?has the po done any home wiring with wrong colours?have you had the bike running with normal charging before?your getting no regulation,the more voltage to the field will make more voltage to the field will make more voltage to the field which will make more voltage!to a point where its reached its full potential,heavy duty car alternaters in this conditon can make a hundred volts or more!destroying themselves.,try and check the correct colour wires are present.the factory reg has white/black and green markings next to the appropiate connection,maybe the feild has been wired bypassing the reg?