350x electrical issues

[atc83]

I just bought an '85 350x parts trike that is complete but rough. I got it for a decent price but after looking at it i now want to get it in good running condition to keep from tearing up the good 350x. The motor runs but smokes alot, and the lights didn't work. I put new bulbs in because the others were blown and rode it for a few minutes with the lights working and then I lost low beam. I put it on high beam and they worked for a few seconds and then blew. I checked voltage at the head light and it spiked to 48 volts when reved up. Does this mean my stator is bad or should i look somewhere else. Given enough time, i could probably track it down, but am courious if anyone has had this problem in the past.
Thanks guys

[jb2wheels]

I have not had this problem with a 350x, but it sounds to me like the stator is good and the regulator is bad.