Okay, easy way for beginners to check their chain: First make sure your tranny is in neutral. Second, locate about the half way point between the front and rear sprockets. Third, take your forefinger and push up on the chain. The chain should stop just barely short of touching the swingarm. If it just barely touches, it's okay. If you push up on the chain and it slaps easily against the swingarm, it's time to adjust. Just an easy way to check your chain. Before every ride, I take my finger and push up on the chain just to make sure the chain adjustment is okay.
Once you've done it a couple of times it takes all of about three minutes to adjust. The chain can be adjusted while on the kickstand, you don't need a lift. The first thing I do on every new bike is to throw that pain in the ass cotter pin away and use a safety clip. A safety clip looks like a big safety pin. It makes life so much easier. It takes about two seconds to unsnap it and slip it out.
Loosen the jam nuts on the adjustment screws on both sides. You'll need both a 10mm & 12mm open end wrenches. When unlocking the jam nuts, be sure to hold the adjustment bolt in place with the 10mm wrench while you turn the jam nut counter clockwise.
Your adjustment bolts will have six flat sides to the head of the bolt. When adjusting, move first the chain side first and then the brake side, just one notch (One of the flat sides of the bolt head) at a time. Check the chain tension. If it's still loose, turn both adjustment bolts one more notch on both sides. Once you have the chain tight (So it just touches the swing arm with one finger) tighten the rear axle nut to 72.5 ft lbs and don't forget the Cotterpin/Safety clip. Big issue here "DON'T FORGET TO LOCK THE JAM NUTS ON THE ADJUSTMENT BOLTS".
Personally, I don't use a torque wrench on the rear axle. However, I do recommend a torque wrench to those of you who are not well schooled in mechanics. If you torque the axle nut to the required 72.5 ft lbs. and the holes do not line up for the locking pin, turn the axle nut counter clockwise until the holes line up. Shouldn't take more than just a slight tweek?
Check the alignment marks on the swingarm. Your adjustment blocks should be very close if not exact on both sides. If there is a descreptancy any more than one alignment mark, you should have someone string line the rear to get the rear wheel in "TRUE" alignment with the front tire. I always stringline every new bike before it hits the road. Once it's in true alignment, I mark the adjustment bolts so I will know it's always in true alignment after every adjustment.
One last thing. For whatever reason, your chain will always tighten up slightly when you torque the axle nut. So if you have your chain tension set perfectly before you torque the axle nut, you may have a slightly tight chain once the axle is torqued?
It's better to have your chain slightly loose than slightly tight. A tight chain and a chuck hole in the pavement can be disasterous resulting in a broken chain, broken case and leaving you stranded along the road, even if your chain is new.
This post will sound simple and boring to those of you who know how to adjust your chain. However, if you have never completed this proceedure, just leaving out one small detail can be confusing. If you have a friend who can guide you on your first adjustment, it makes life much easier.