It does sound like ignition. First thing i'd check is the easiest to check and most likely ignition problem.......loose plug wire at the coil. The stock coil/wire connections on these bikes are notoriously buggy because the hole in the coil is not deep enough (oooh, that sounds naughty

) to hold the wire securely, and consequently they often come loose and are either intermittent as the hang loosely in the hole or come out altogether and the engine dies. If thats not it, then there are a lot of possibilities and i wouldn't know where to start. I just mentioned this one because it's so common. Also make sure the connection at the plug is secure while you're at it.
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2005 Speedmaster, Neon Blue, Thunderbike pipes, snorkel removed, UNI filter, drilled airbox, 130 mains, TBS needles.(2 shims) And speaking of Speedmasters,
HERE'S MINE