Damn you guys are good.
My ignition switch is faulty. If I turn the key too much to the right in the on position then it won't turn on. I have to turn it left a little so that it will turn on. Also if I turn the handle bar all the way to the right, then the bike dies. I know I have to take a look at the ignition switch, but I'm just too lazy.
Also I think I was going up an incline when it happened. My tank used to be rusty and I cleaned it out with vinegar/rust remover so I think there may still be some flakes of rust in the tank. I have in-line fuel filters and I can see the red flakes in there. My previous petcock didn't have the filters on the petcock so it let the flakes through the petcock and into the in-line filter. The petcock I have now does have a filter on it.
Another important thing I forgot to mentioned is that there was an incident before the power loss mentioned above. My bike had a minor power loss and stumbled similar to being out of gas. This random stumbling has happened before twice and once more after. It only seems to happen when there is less than 1/4 gas.
Don't take my word for it. I'm just a foolish newbie.
When in doubt, just know that I am only joking around.
Top speed is 112 mph at ~7900 rpm
Blacked out engine
Dry rusty splines finally lubed for the first time
R/R relocated to the side of fuse box
Rust removed from tank
In line fuel filter, 23-28 micron rating
LED turn signals & brake light
16 color LED engine light up & underglow