I went to Sears and bought their brake bleed/vacuum system tester kit for $60. Basically, this pump allows you to pull a vacuum on the brake system and won't allow air to be pulled back into the line regardless of what you do.
Hook up the vacuum pump, and pull a decent vacuum on the bleeder screw. Be sure the top of the master cylinder is off, and you are ready with some fresh fluid to keep it topped off with.
Slowly loosen the bleeder screw just enough to allow the fluid and air to be pulled out, but not so much that air starts be sucked in from around the bleeder screw itself. Keep this going by keeping vacuum on the brake system, and be sure to keep the fluid topped off.
If this still doesn't get all the air out, you can also do a combination of pulling a vacuum on the line, AND pumping the pedal with your hand or have a friend help you.
While keeping a good amount of vacuum on the bleeder, have a buddy get on the bike, and have him push the brake pedal down while you loosen the bleeder screw. The trick here is to open the bleeder while the pedal is being pushed down, but to also close the bleeder just before the pedal bottoms out. No matter what, do NOT let your friend lift off the brake pedal until you have closed the bleeder screw.
I had to this a couple times before I got all the air out of mine, but now it's just like new.
