As fonty (as normal always gets in before I do) mentioned, check that the power valve servo resets when turning on the kill switch (that's the soft noise you were hearing before).

Also, does the oil light come on when you turn the switch on?

If not, start checking the wiring harness to make sure you don't have a short in the harness for the switch. As well as check that the switch is actually working.

If the oil light comes on, but the power valve servo motor isn't "resetting", then start checking power to the servo motor. if no power to the servo motor, turning it to hi (open), should allow you to start/run the bike. If the bike still doesn't start, check for spark. if no spark, then my guess is you have more serious electrical issues then the switch. could be a main fuse, or something like that.