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I know there has been a problem with some V12's. When the handlebars are turned to the stop in one direction it puts a strain on the wires coming from the ignition switch. And that has caused some broken wires. Not sure if it would be right next to the switch or not. Can you tap into the red wire closer to the ignition switch, like right next to the switch to see if it is OK there? Unfortunately I am thinking it gets pulled right at the switch.
I had the same thing happen with my turn signal wire. It pulled in two about 3 inches out of the ignition switch. Push the harness together and you might get them to work long enough to see if that is the location of your problem. Good luck.
I chased it down to the ignition switch (or its wire harness). I'm gonna confirm that Carl has an ign sw assy before I pull it but I'm more hopeful from input received that it's a broken wire not a worn out switch.