Very likely it's your regulator.
Take your multimeter with you (if you don't have one, get a cheap £10 one) next time you're out. When the CEL comes on, stop and measure the voltage across the battery while revving the engine. If 15V or over (often 17V in this scenario) then your regulator is definitely shot, and needs replacing ASAP before it ruins your battery as well.
More here:
Diagnosing Charging System Problems
Note Piaggio reckons 15.2V is OK - is is NOT. Normally you should see no more than 14.4V, but 14.6V is acceptable. Any more and your battery is being over-charged and will die in short order.