I replaced the pads on my Vision with EBC pads and no more squeaking. About $50 for both sets.
If your brake line has a cut I would replace and then bleed the system. Don't take chances with your brakes.
Thanks guys. Actually all I need to replace are the front pads. I guess whoever had it before me just said screw it and only used the front brakes, the back pads look brand new. I think I'll bleed the brakes just to be safe.
Be sure to use the correct brake fluid when bleeding or topping off your system. Victory recommends DOT 4 fluid. DOT 4 fluid is glycol based and what would typically be used. DO NOT get DOT 4 fluid on your paint or any plastic parts as you will not like the results!
DOT 5 is silicon based and, while much more heat resistant, has issues with moisture and aeration. If any moisture gets into the system, it will not mix with silicon brake fluid and can flash into steam under extreme conditions.
When using DOT 5 fluid, let it sit, in a closed container, undisturbed for at least an hour before adding it to the system. Otherwise, you will be introducing air bubbles into the system that will have to be bled out later.