If you do not have any oil pressure, do not run engine.
Remove oil filter and cut open and examine for orange to brown particles. This was very evident on my friends cam tensioner failure. Also the fluctuation on his was due to the particles got stuck in the pressure relief valve on the cam plate as i did not find any problem with the oil pump. We went ahead and installed the upgrade screaming eagle oil pump with new hydraulic tensioners. Parts cost was around 650.00. Be sure to clean out and flush the entire engine of the particles including the oil cooler and oil pan. Oil pan will have to be removed to clean. I have done the upgrade on two road kings and my electraglide since. The two road kings were 04 and 03 models, my electraglide had 24,000 and only showed slight wear but the road kings were at app 30,000 with inner tensioners already breaking up. Now for skill level, I am a master service technition for a John Deere dealership with over 25 years experience. This will need to be performed by someone with good technical abilities. There are also some special tools required.

 

Seems that we have a consensus- cam chain tensioners. The bike has 65,000+ on it (I put 35k of on it myself) and I have no idea if the tensioners have been replaced. Off to the shop for another whoppin' repair bill. Thanks for all the prompt comments!