We had a similar problem with an Intruder. I believe that it turned out to be a warped brake disk. When it was cold it would spin free, but as it warmed up, the disk would stick and keep the sled from revving.
It is also possible that the carbs could have a problem with the "O" ring. When the "O" rings leak the engine runs too rich and won't make revolutions. My sense is that you should check the seal on the "O" rings first.