is it actually glowing red? and if it is do you have to be in a darkened room to see it, or are we talking blacksmith-style red-hot (i.e. red-red hot)
the exhaust gets aloooooot hotter then you might expect it to.... (do you know the diffrence between an exhuast that's over-heating and one that's within normal specs? or are you just worried because the exhaust seems to get really hot?)
i've never heard of that on bike.... i've seen it on a car on numerous occasions tho.....
my initial guess would have to do with how hard you're riding it and (i'm assuming it's a four stroke....) the grade of gasoline you're putting in it...
when i first got my bike i was using 93 octane (super) and then i downgraded to 87 because my bike seemed to run quite a bit hotter then it should.... haven't had a problem since the downgrade.
when car exhausts get older (especially those near coast lines or where there's alot of rain fall) they tend to start glowing red like this.... is it possible yours is just old and needs to be replaced?
EDIT:
was this fuel treatment a stabilizer or octane booster?