Do you have any added gadgets (GPS, lighting , etc.)?
Sounds like battery is bad, are battery connections tight? Might possibly be bad rectifier or regulator which could ruin a new battery or worse. Also, I have read somewhere that Vstars don't have strong alternators and can't support much extra gadgetry like say a Beemer MC does, therefore you have to hit high rpm's (like highway speeds) before the alternator will charge the battery.
Go to the Vstar forum at Delphi. That place knows more about Vstars than any other place on the web. Thos guys over there can fix anything.
http://forums.delphiforums.com/yamaha1100
On that forum there is a data base of knowledge. Just click on the "webpage" tab at the top of the page and you'll find a wealth of info including a PDF file on how to troubleshoot the charging system. Read through that database and if you still cant figure it out, just post and ask someone over there. There are alot of nice folks over there who are experts on the mechanics and customization of Vstars.
Good luck and I'll see ya over there.