Voltage regulator?

I have a JD 4010 diesel, 24 volt system. Lately, the red charging indicator light has been flashing on & off the whole while the tractor is running. Does this sound like the voltage regulator going bad or the generator? And, while it is flashing, I can see the brushes making sparks inside the generator. So, I am thinking voltage regulator. And, all the wires are tight, but I did not check the key switch yet for something loose.
 
It could be as simple as the brush hold down springys are stuck or corroded not pushing the brushes tight down against the commutator which an exercise and cleaning may cure. Next the brushes may just be worn down low or even the commutator needs a good cleaning. I suspect the genny more then the VR for now at least.

John T
 

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