The problem in this case is maximum current flowing though the rotor, aka full fielding.
You jumped ahead by not first determining if there is a ground problem in the field circuit. Perhaps not clearly stated, this would have been by checking for grounding with the field wires still connected to the alternator.
Regardless, you've now narrowed it to three possibilites:
The green wire is connecting to ground somewhere.
The regulator is causing it to full field because it is seeing low voltage (blue wire connection on the regulator)
The regulator is causing it to full field because it has failed internally.