If you Wait until motor oil is COLD and Start it, and it goes back to normal pressure, I'd be saying;
IT Is the oil pressure Relief Valve sticking open....
Cold will re pressure the valve fully open and then Maybe, all returning to normal should happen.... Pressure should be above 35# with Cold oil at fast Idle (2000 rpm) on first start... IF NOT DON"T RUN IT....
Let us Know.. 10# is Not enough to run the bike at a load or Higher RPM...
I doubt it the gauge but don't rule it out until checked..
I see this as a open PR Valve, OR a out of tolerance crank causing the pump to break or ?????
TRY the starting COLD and REPORT Back.. Thanks
JUST noticed you said 05 bike... It still may be the above but 05 lets in another can of worms here....
signed....BUBBIE