Sounds like a dead short or, and this will sound stupid, a battery that has been connected backwards. Or a fried Reg/Rec. Or a battery that has almost zero charge (no current equals no voltage, when you turn the key; high resistance in the voltmeter means you read voltage, even with almost no charge).

Have you tried putting the old battery back in? I've lost track of what you've tried and what you haven't. Maybe a recap?

Honda regulator/rectifiers are known to be crap, it's affected CBR's for the last 10-12 years, although supposedly not as bad these days.

Great success in wierd crappy way.

Pull car up...take note that my wife is a slob when it comes to the car.
Hook up Jumper cables to car
Connect Positive to MC battery terminal and negative to frame.
Nada
Connect negative to Negative and say screw it to all this business

It was like Christmas. The lights shining nice and bright.
Hit the starter button...nada.
Oh well...cursed two times followed by a "2 steps back...one step forward.
hit start button again after doing something I cant rememebr
Kawer-Kawer-Kawer-Kawer-Kawer-

FUCKER IS TURNING OVER!!

But wait...I took my hand off the starter button.

Kawer-Kawer-Kawer-Kawer-Kawer-

Why is this fucker still trying to start?

Kawer-Kawer-Kawer-Kawer-Kawer-

(turns key to off)

Kawer-Kawer-Kawer-Kawer-Kawer-

(removes key from ignition)

Kawer-Kawer-Kawer-Kawer-Kawer-

Yanks off jumper cables.

(silence)


Come back a minute later to see if it will start again.

As soon as I connect the negative battery to the frame

Kawer-Kawer-Kawer-Kawer-Kawer!!!!

I'm I to assume that the battery I received is defective?

(thanks for the tip goof2)

Bad new battery, bad ignition switch, and/or bad starter switch.

FYI:
The kick stand switch was removed prior and the wires had been poorly spliced.
All my shenanigans today are with the wires unspliced and hanging there.

I think that's your winner. (As far as the constant cranking issue).

I think that it's more than just that, based on the fact that it cranked even after the key was yanked. It's certainly something in that circuit though.

The battery may not be bad, it could be it just needs a charge. Most batteries have been sitting around for a while before you get it and they typically recommend throwing them on a charger for a bit before install.

You could either have problems with your starter button, key switch, and kickstand kill switch (assuming it kills the bike when in an open condition) or there is a short somewhere bypassing those and sending juice directly to the starter from the battery.

Out of curiosity was the kill switch on when all the cranking was happening?

I would lean toward the short to the starter theory for a few reasons. One, it sounds like someone did a pretty good job "fixing" a lot of the wiring already which lends itself nicely to the short idea. Second, it is unlikely all three switches mentioned above failed (four if you toss in the handlebar kill switch). Third, that would turn the bike over even though either/both the kickstand kill switch or handlebar kill switch could have the ignition shut off. Cranking without ignition would also provide a nice explanation for why the bike won't start.

Sounds like the wiring to the starter is shot. It might be grounding itself out somewhere, completing the circuit, which makes it crank even when the button isn't pushed.

The kill switch was set run.
One tidbit from yesteryear when the bike was running :
During the times it wouldn't crank using the start button I could get it to start by turning key to off, hold the start and then while holding start turn the key to on. Would start every time.