Start with a dead short check on the power side, also the ground check of all the connections, all with the battery out of course. I found a pretty good 2008 Buell electrical diagnostic and troubleshooting document on the internet, not sure if there is one for 2004. The last time I seen this was when my wifes car starter shorted out and caused a little smoke, the starter had to be replaced. Not sure if the Buell has a separate starter solenoid, maybe built into the starter, would start investigating in those areas. As usual somebody smarter than me will post up and give you more detailed specifics.