revted47,

My unprofessional first guess would be the voltage regulator is on the fritz. The second guess, and a little less likely would be the generator...the brushes could be worn down and bouncing or the commutator could be funky with carbon.

I would have my assistant start and rev the engine to duplicate the problems while I held a hose or some type of listening device on the voltage regulator cover. If this is the problem, you might hear 'ticking' that coincides with the jumping ammeter.

Stuart