Hi eatsleepfish30

welcome to TR,
Smoking electrics is bad news,
I hope you did not continue to connect the terminal that was busy sparking.
You say one of the Two red wires to rectifier, from this I surmise the wiring has been had at.
If so, try to imagine the harness as three systems
1- charging
2- ignition
3- lights and stuff.
I'm afraid if you have connected that terminal enough to melt a wire,
you may have caused a fair whack of damage! "don't worry fixable."
These vids of mine will give you some idea of the Triumph twin oil change though mine is a later 650.
http://www.youtube.com/watch?v=ybTa6sp1bCc
........pointing out plugs
http://www.youtube.com/watch?v=W5C8nIg67jk ...........changing oil
I am sure the other guys on here can give the correct amounts and point out other discrepancies between the 500&650
I hope this helps you, the more info you give us the better we can help