The GEN light should glow brightly when you first turn on the ignition key but before you push the start button. While the bike is starting it may flicker - doesn't matter what it does while cranking. When the engine speed is below 1500 RPM or so it may glow dimly/go on and off, up to about 2500-3000 RPM where it should be fully, completely "OFF"/dark with no flickering or blinking. It is just telling you that there is a voltage difference across it, and if the charging system is working properly then above 3000-3500 RPM there should be essentially "0" (or very small - too small to even light the bulb) voltage drop across it. If it illuminates at all above these speeds then your charging system isn't working properly, and the fun starts.
The best/easiest way to test is to get a multimeter (cheap one will suffice) and check the voltage AT the BATTERY terminals. With a good battery and charging system, you will typically measure:
Key off, nothing turned on: 12.8V - 13.4V
Engine on, idling (RPM <1500): 12V (approx, maybe 11.8 - 12.0)
Engine on RPM > 3000: 13.4V to 14.2V
If you get a multimeter with a diode test function on it, then you can even test and diagnose/repair the diode board, if the problem turns out to be there. One can test diodes with just a multimeter and a small battery, resistor and test clips, but it is more complicated.