I found a couple of different pre-made products available, but then realized I could easily make my own. This being a KLR, bonus points are awarded for the lowest cost solution.
I started by buying a used, stainless steel coffee pot from the local thrift store. I bought the biggest one they had, drew a shape on it, and cut it out with my dremel. I put the newly cut shield up to the muffler and... oops, it was too small. Down $5.
Measure twice, cut once? Right. Next time.
Next, I looked around online and saw instructions for rolling your own. This British gearhead used Beware of Dog signs and some insulation to make a very functional shield.
I scanned the garage for material.... ah ha! On the wall were a set of old license plates. One of my neighbors also happened to have bag of fiberglass insulation which he happily donated to the project. Following the instructions (linked above), I cut the fiberglass, cut the plates, and sandwiched it up.
Two screw holes later and a bit of bending... voila. A very functional, high quality heat shield. I also like the recycled, license plate look.
What do you think?