There's NO special terminal or internal mechanism at the VR to operate the light.
One side is connected to the GEN/A1 terminal on the voltage regulator, the other is connected to a special terminal (with resistor) at the key switch labelled "GEN".
With switch "ON", GEN terminal at key switch should be close to zero Volts with respect to the chassis IF the warning light is lit, will be at (-)12 Volts (nominal) if the lamp or it's circuit are "open".
It's possible the (+)12 and (-)12 Volt battery cables have been mixed up, or the wiring front the starter to the key switch has been mixed up.
As it left the factory, the terminal on the side of the starter "belly" should measure (+)12 Volts (nominal) to the chassis, and the highest-up terminal on the starter solenoid with a battery cable connected to it should be at (-)12 Volts (nominal) to the chassis. The BLUE wire that runs up to the key switch connects there, as well, taking (-)12 battery current to the switch.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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