It's probably a vent or overflow for the fuel tank. There is nothing else in there that needs a drain (no carbs, coolant overflow is on the other side, battery is at the back).
I may have my bike ('06) apart tomorrow and I can check it out.
Thanks for the responses guys. I'll try my hand at lifting the tank tomorrow to see if I can get it plugged back in. Would be awesome if you could upload some pics if you do take it apart. Thanks!
Was able to lift the tank today. Attached a picture of the underside of the trunk. I'm assuming that loose hose goes in red circled part of the picture?
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