For starters the switch was sending 12v on the pink wire instead of 9v.
Took it off the bike and removed the plastic cover on the bottom of the switch and noticed what appears to either be a resistor or a diode that is fried. It looks like something that would be easy to repair with a little solder and a trip to radio shack.

Does anyone know what the specifics are that I need to buy to repair this switch?

 

Ferris?

I tried to search the board and couldn't find any specifics. Only that it exists. I would really appreciate some further info on this.

 

For future reference in case anyone else tries to search how to fix this problem. I soldered a 2.2k resistor back into the ignition switch where the diode originaly was and the bike fired right up and runs like a champ. One dollar fix to an otherwise 300 dollar problem with a trip to radio shack.