I think the correct course of action is to refer to the wiring diagram and probe with a multi-meter, whilst swearing at it repeatedly. The searing doesn't help you find the fault but it does make you feel better about it.
I had something similar ^^^^^. I pulled all the wires away from each other in the fuse box and sorted it. Must have been some sort of a short.
RD 350 LC - 1982 - bounty like my bike in the 80's, finally got an original UK one. 31K/Aprilia RS hybrid - ex Yogi and Muttsnuts bike - my first hybrid Triumph Street Triple R (sorry!) ...and a box of bits I hope to be able to turn into a 1983 31K