If the engine is spinning "freer" than normal the first thing I would do is check compression. At this stage I wouldn't be too worried about the absolute compression number, but all cylinders should be relatively close to the same...say within 5% - 10% of each other. If you find that you have something weird like no compression on any cylinder I would guess that you have a valve train issue (I.e. Broken cam chain, etc) that is causing none of the cylinders to seal on the compression stroke. Although I will say that every time I have experienced a broken timing chain on an engine running at speed there was a significant amount of clunking noise as a piston came to TDC on a valve that was out of position. If only one is badly out of whack there could be other causes (valve problem, broken compression ring, etc)...either way...potentially expensive to fix. If all cylinders have good compression I would start looking at electrical first. Ignition switch, coils, etc.
One thing to always keep in mind...the bike was running fine yesterday and had done for 60,000 miles...start with the simplest stuff first before you assume the worst and dive off into an engine rebuild scenario. In this case make sure it is getting the basics...fire, air and fuel to each cylinder. Identifying those basic things may send you one direction or the other. Good luck and keep us posted