Grease, WD-40, Pliers, Rags
Disclaimer- As with any mechanical adjustment, if done improperly this procedure could be
harmful to your bike and could cause severe injury in the event of a crash.  If you are at all
unsure of your ability to perform this procedure correctly, PLEASE do not attempt to do so.
Refreshing your speedo cable is a very easy and quick process.  The only tool
you'll need is a pair of pliers, and a little grease.  So, let's get started.
Start by removing the cable sheath at the hub.  It's
probably on their kind of tight, so you'll need pliers.
Then pull the cable out- don't worry, you'll be able to get it back
in easily and nothing will fall out of position when it's removed.
Then remove the sheath at the
speedometer with the pliers.
Then pull the cable and sheath down and out.  You may need to pull the
sheath down through the area where it goes through the triple clamps
in order for it to pull all the way down.
Then you can pull the cable out of the sheath.
Then wipe all the old gunk off of the cable with your rag.
Inspect the ends and the bearing for any wear.  If there are frayed wires,
it's a good idea to replace the cable now before it snaps later on.  The
bearing shouldn't have any scoring on it.
Spray WD-40 down the sheath until it comes out the other
side.  This is to purge the inner sheath of any contaminants.
Then you can coat the cable with some lightweight grease for lube.  You
don't want it gobbed on their, but get it thick enough that you can see it.
Different sources cite different lubes, such as WD-40, lithium grease,
grease, or motor oil.  The combo of WD-40 and grease should fit the bill just
Then you can slide the cable back down the sheath.
To get the square end back up and seated in the speedometer correctly,
it's easiest to hold it into the receptacle, then spin the bottom of the
cable with your fingers until it drops up into place.  Then hold it there.
Making sure that it is in the speedometer correctly, you can slide the sheath
up and screw the holder back on and tighten it with your pliers (gently).  If
you slid the sheath down in the clamps, you'll need to pull it back up now.  
Once tightened, spin the bottom of the cable and check that the speedo
works- it should jump to 5 MPH when you give it a sharp twist (I forget
which direction).
Back at the hub, fill the cavity with grease
to make sure the gears inside are lubed.
Then do the same with the cable end, and you can
screw it back on and gently tighten it with your pliers.  
It should slide back into the hub without having to
fiddle with it to get it to drop into place.  Done!
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