It will do that to cloth, and it seems from your observation that it will do it to leather too, but not to rubber. It's a good idea to get some baking soda and mix it with water (lots of baking soda), and brush it around there, pour it, or spray it in the area. It will fizz up good where there is still acid. Good for the cable ends on the battery too. Then rinse it off and forget about it. Make sure the battery is closed when you do it, because you don't want any inside the battery.
+1 on baking soda and water in a jar to clean battery cables I do that when I put a new battery in a bike or 4 wheeler. Nikki
the difficult can be done immediatey the impossible takes a little longer
Yeah, that's not acid related, but definitely a good catch. It's time for a chain. How long has that been on the bike? General rule of thumb is to change BOTH sprockets when you swap the chain.
Look at the rear sprocket and see if it is fish hooking on the back side of the teeth. (Where the chain pulls against the sprocket). Any sign of elongating of the sprocket grip area or fish hooking and it has to be done now. If not you can maybe get away with just a chain for a bit, however; a new chain on old sprockets just kills the chain really fast, so buy a cheap non O-ring chain for temporary if you choose that route.
A Biker is not just any guy who rides... that's a motorist.
A guy that gets up and rides again after every crash... that's a Biker.