Rob,
I had the same experience with my 05 America. When I mentioned it to the dealer (Manayunk Triumph), he questioned whether it was on the left pipe (looking down from the saddle). I stated it was and he explained this is happening on the 05's with the AI system still intact. This dealer has been very helpful to me and their advice has paid off in the past. His advice was to remove the AI system this winter and polish the h#ll out of it. Good luck.
Steve B.