After doing some more digging, I've come back here to eat my words and offer some additional information that hopefully will help to clear up the "shunt regulator" controversy. Mike Miller and Rotax Wizard are indeed correct.
I found some articles on a French website that show detailed analyses of the Rotax UL/ULS alternator and regulator, and an explanation of how the regulator works (suggest using your browser's built-in translation feature to read these in English):
Alternator: http://contrails.free.fr/elec_alt_rotax.php
Regulator: http://contrails.free.fr/elec_ducati.php
Shunt or Series?: http://contrails.free.fr/elec_regul_serie_shunt.php
I also found the attached PDF, which helps to explain the regulator's operation.
Finally, it looks like our Mike Miller has been hiding his proverbial light under a bushel! The same French website as above shows his design for an improved version of the Rotax/Ducati regulator. It uses the same operating principle, but with better mechanical and thermal design.
Miller Regulator: http://contrails.free.fr/elec_alt_miller.php
Well done, sir!