Actually its a little more complicated than that. Eventhough this sound like a lot of work, once you've done it there really nothing to it.
The tail light and its wiring are fastened to the seat and will be removed with it. Under the right (throttle) side close-off panel (flat black piece between the shiny tank cover and the tunnel) is the wiring harness connector for the tail light. Simply pull out a bit on the bottom of the close-off pane and pull the wiring harness out. Release the clip and pull the plug apart. Let both ends hang in the footwell.
A word of warning: the metal that Yamaha uses for fasteners is about as hard as butter. I swear the install them with an air wrench set to "MAX". Use care when removing any fastener that uses a screwdriver or you'll strip the head.
At the back of the seat, use a #3 Phillips driver and apply a lot of pressure to the tool to loosen the two black screws securing the tail light/grill panel to the exhaist covers. It may take a good bot of torque on the tool to get the screws to come loose. You can actually hear the snap loose. After that they will turn out normally.
Remove the two metal inserts form the exhaust covers. Simply remove the two hex head screws and pull the cover back and away and it will come right out.
Release the tabs holding the plastic parts of the side covers to the tail light/grill panel.
There are also tabe holding the tail light/ grill panel to the seat and to the rear bumper cover. Push down slightly on the cover to release it from the seat then hinge it rearward until clear of the seat and taillight. Push forward slightly on the bottom and it will come free of the rear bumper cover.
Remove the two self-locking nuts securing the two long seat bolts to tabs on the muffler heat shield. Lift the rear of the seat until the bolts disengage from the tabs then pull the seat rearward until clear of the tank cover.
Installation is the reverse of this procedure, but observe the following cautions.
When installing the tail light/grill panel. First, insure the tabs at the pottom are engaging the front edge of the rear bumper cover. Push downward on the tail light/grill panel to pop the top tab under the back of the seat. Failure to to this can cause the tail light/grill panel to snag on the seat cover and may actually rip it.
As you tighten any of the fasteners. squeeze the components together to close up the seams before fully tightening the fastener.
To take it a step further, this is pretty much the same procedure needed to change a tail light bulb. You do not need to mess with the wiring harness connector at the front of the seat because you won't be removing the seat. Instead of removing the nuts on the seat bolts, remove the screws holding the tail light bracket to the seat. Pull the light bracket away from the seat. The light bulbs are replaced throught the back of the tail light.
It really is easy!
Good Luck,
Dusty