First off, I put a brick under the kickstand to get my bike near level...then i gathered the tools needed. 5mm Alan Head (Hex) Bit, 8mm wrench, phillips head screwdriver, and a vacuum pump (not necessary but very helpful if you're doing it solo.
Next step is to remove the left rear cylinder side cover. three 5mm bolts hold this in place.
Unscrew and remove the resevoir cap and diaphram carefully. Cover your paint with a towel (I was probably a little overdue for a fluid bleed...)
Suck out the old fluid from the resevoir using the pump (or a turkey baster) and refill with new DOT 4 brake Fluid (or DOT 3 or DOT 5.1)
Attach a plastic tube to the clutch bleeder valve, set up your vacuum pump, and loosen the valve using an 8mm wrench.
Now, get to pumping...watching the level in the resevoir as to not let it suck any air. When the fluid coming out of the valve is clear, the system is flushed.
(NOTE: if you are doing this by hand, (1) loosen the bleeder valve, (2) squeeze and hold the clutch lever, (3) tighten the valve, (4) release the lever...then repeat 1 through 4 about 50 more times being sure to watch the fluid level in the resevoir)
Once you are done, close the valve to 4.3 ft/lbs and refill the resevoir. Then replace the diaphram and resevoir cap.
Put the rubber cover on the bleeder valve and re-install the left rear cylinder cover. Check the fluid is at the appropriate level...