there are two possibilities :
- the connection between the red wire coming from the regulator/rectifier is wrong, clean it
- the regulator/rectifier is out of order or the connexions are wrong, first clean connexions
to find help you can download the repair manual for SM there :
http://www.sendspace.com/file/q9pgh0 (notice entretien MZ 125 SM SX.pdf (7.58MB))
you can download the 2005 RT shematic diagram there :
http://imagik.fr/view-rl/74762, the same for SM exept there is not counter on SM
the colors on the picture are not true, I done them to find easily where each wire is going, the real colors are written ... for example Rt/Sw mean Rot /Shwartz (= red/black) it's in German (sorry), and explanations in French (sorry too)
you'll find explanations about regulator/rectifier on page 125
sorry for my bad english I'm French