Posted by "TQ"
Pretty much says it all...
If you have a burnt smell coming from the derby cover, and your fluid is jet black like black ink, it is VERY likely that your stator will have one or more burnt coils. You need to get the HD Factory Service Manual covering your model and year, and follow those instructions to open up the primary, remove the compensator, clutch basket and chain, and then pull the rotor off the drive shaft. I am betting that your stator will look something like the attached. If so, you will need to replace it.
As a note, we have seen that usually when the stator or the Voltage Regulator goes, the other goes right behind it. It might pay to change out both the Voltage Regulator and the stator now if you find the stator burnt.
Pretty much says it all...
If you have a burnt smell coming from the derby cover, and your fluid is jet black like black ink, it is VERY likely that your stator will have one or more burnt coils. You need to get the HD Factory Service Manual covering your model and year, and follow those instructions to open up the primary, remove the compensator, clutch basket and chain, and then pull the rotor off the drive shaft. I am betting that your stator will look something like the attached. If so, you will need to replace it.

As a note, we have seen that usually when the stator or the Voltage Regulator goes, the other goes right behind it. It might pay to change out both the Voltage Regulator and the stator now if you find the stator burnt.