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Also, just reading the manual; could be this characteristic is a "summertime" thing (?)
Apparently increased ambient temperatures reduce the regulator's voltage range. My readings are actually within the specified range for the higher temperatures...per the shop manual's tables. Ambient temperatures are defined by the manual as temperatures that the regulator has direct contact with. It was 95 degrees F outside when I took the readings. With the engine at operating temp, I'm guessing that part of the engine bay is 130 to 140 degrees maybe. Still doesn't explain why the light is on at lower temps, though. (And why voltage readings are lower.) Another mystery, I guess.