Is that a freshly oiled K&N air filter ?
Had the same problem and the freshly cleaned and oiled K and N filter would not let enough air through. It had too much oii in it. Rewashed and less oil and it worked fine.
I also changed an OEM Valkyrie air filter for a fellow that had 100,000 kilometers on it. It was filthy black but the bike still ran.
Dusty