bgriffin509:
One odd possiblity that I had happen in a car was the brake line itself had deterioted internally. Under braking pressure fluid would be forced to the caliper, but the hose internally collapsed and would not let it return, essentially creating a anti-drainback valve. The conditions of what you are experiencing seem very similar and it took some time to diagnose on the car.
This is VERY EASY TO TEST FOR...
Raise Rear Of Bike, Spin The Rear Wheel And Hit The Brakes, Wait for it to stop, spin it again, see if it is DRAGGING or just RIDING on the rotor...
IF IT IS DRAGGING DO THIS TO TEST FOR COLLAPSED HOSE...
Put a pri bar between the rotor and pad, pry back GENTLY Untill The Pad Does Not Touch.. Does the Piston Go Back? How Fast? How Much Resistance?
Pump The Brakes back up, and spin agian, stop it.... Dont Pri This Time, But Crack The Bleader on the Caliper... Does The Piston Go In When You Do This By Itself? If It Does Then You More Than Likely Have A Blockage Of Some Type In The System..... You Can Allways Try Power Bleeding The Brakes, Or Manually Bleeding them a few times, (getting lots of fluid out and adding as needed to not let your master cylinder go dry) and see if that helps before trying to replace lines or anyting... may just have some trash in there that needed to come out, or contaminated fluid...
If that does not help, then start looking at your lines....
HAVE YOU GOTTEN THEM UP TO OPPERATING TEMPATURE YET??? I WOULD DO THAT BEFORE I DID ANYTING ELESE...