Most likely it is a sticking relay in the regulator. One side of the light comes from the key switch. The other side is attached to the GEN or ARM terminal of the regulator. When the key is first turned on the light grounds through the brushes and armature of the generator. When the generator starts to charge the voltage rises on that wire until the cutout relay in the regulator closes. When the relay closes the voltage is the same on both sides of the bulb and the light goes out. If the relay sticks closed the BAT terminal is still connected internally in the regulator to provide power in the GEN terminal. When the switch off you still have power coming from the regulator going through the bulb and grounding through the ignition system and fuel gauge which causes the light to glow.
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