I replaced my OEM regulator with a FH0012AA unit from a Yamaha R1.  I bought he FH0012AA used  off of ebay.  When I first installed it and when I start the bike in the morning the voltage at the battery is 14.3 volts.  I was psyched thinking I cured the charging problems I was having.  However, I decided to check the voltage when I got home after riding the bike for a while and the voltage moves around from high 12's to mid 13.  My question is: DO these regulators put our a constant charging voltage or do they cycle based on how much charge is in the battery?  I expected the voltage to stay fairly constant around 14.25 or so.  If it's supposed to be constant then I've got a problem, however if the regulator output can vary depending on the state of charge of the battery, then maybe I'm worrying over nothing.   
Fyi, I installed the FH0012AA with a wiring harness made for it that goes directly to the battery.    
Any thoughts about this would be greatly appreciated! 
Thanks! 
Al