No worries Sirius, your explanation for how the ECU compensates fuel adjustments based on O2 readings makes perfect sense as the concept is the same on cars.
I ended pulling the fuel rails/injectors this morning as I knew it would only take about 10 minutes or so (no need to pull the throttle body as the RM says). I'm going to drop off the injectors tomorrow to have them flow tested and cleaned.
I'm probably going to go ahead and order a new O2 sensor as it wouldn't be a bad thing to have an extra lying around (I'm a Buell parts whore). I rather wait for the injectors to come back before I put in the O2 as I want to confirm what fixes and doesn't fix the condition. I'll update the forum when I get the results. Thanks for the responses guys...