Yo Gents,
I have exactly the same problem on my 2006 Sportster. I get the Code 5 all the time. Funny thing is, if I charge the battery up with an external charger, and run the boat right away, the code goes away. The code comes back if the boat sits at idle for a day or two - even with the battery switch off. Really frustrating. On a whim, I ordered a regulator and just installed it. Haven't tested it yet. Nonetheless, I am curious how many others have experienced similar Code 5s on the two stoke Sportster - and if they got rid of it with a regulator changeout.
I realize that this is an old post, but if Budsyboo and Lightningtruck would reply with more details on their code 5, I would be grateful.
Des