One does, usually it's light green. The second one, usually red, goes to the ignition. It works by varying the amount of power running to the field coil in the alternator. More power to the field coil equals more power output from the alternator. Oh and it's very important that the metal case of the VR is grounded, otherwise the regulator doesn't work.

 

Yes the wires are red and green. I will check that the VR is grounded well. One thing I know i need is a new battery, I have been trying to start it with a deep cell marine battery and my boat needs it back.

Thanks again Alloro. Stand by though I haven't conquered the electrical system on this thing yet. haha

 

I know this was 7 years ago, but I just had this same behavior in my 1977 Sportsman. The bug was, increased resistance at the ammeter that's on the gauge cluster where the red and black wires attach. The fix is:
Take the two fat wires off with 3/8" wrenches.
Put dielectric grease on the connectors and the posts.
Slap that puppy back together.
Everything works better after this.

 

hey----ya gave me an idea bout my old antique swede----thanks