You can try to find the portion of the chain that is tightest by rotating the rear wheel on a rear stand. In my experience, there hasn't been a lot of difference but I try to find the tight spot.
Yes, the chain slack is measured by placing a ruler against the undertail and measuring the chain slack. Pull the chain at 2 lbs of pressure, then push the chain up at 2 lbs of pressure.
In my experience, the chain hits the chain guide on the swing arm when I push up. You can't measure the slack if the chain guide stops the chain from being pushed up at 2 lbs of pressure. So I pushed the top run up and add that measurement to the measurement of the bottom run.
Go looser rather than tighter. Definitely DO measure slack with bike on side stand, not on a paddock stand.
I'm looking at my 14r's chain right now and the top run is laying on the swing arm chain guide. With 600 miles on it, I'm sure it needs a little tightening. From my experience with the Gen1, if the chain is up off the chain guide, it's too tight.
This is for the Gen1 but have a read and it will help. I'm pretty sure the chain slack spec is different for the Gen2 but otherwise, it should be the same procedure. ...just don't go too tight. It's unlikely you'd need to turn the chain adjusters more than one-sixth of a turn. One flat on the adjuster hex heads tightens the chain a lot.
The rule is, the chain should be loose. It tightens from centrifugal force when the bike is operated. Of course, you don't want it insanely loose. If you hear it lashing around and the paint on the swing arm is getting chipped, it's too loose. Use common sense, use the specced measurement for chain slack but avoid over-tightening the chain. The way I see it, a loose chain is how it should be at rest. If it's slapping around or skipping teeth, that's too loose. Look at the pics of my Gen1 and that's how it should be. I'll make a Gen2 chain adjustment how-too someday soon but I expect it will be very similar except the exact specs for chain slack and possibly torques.
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