B737-200 FLT CREW DEPART WITH A DEFERRED CSD. AFTER TKOF; THE FLT CREW EXPERIENCE AN ELECTRICAL FAILURE.

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I SERVED AS FO AND PF FROM IND ON MAR/TUE/04. THE #1 CSD WAS DISCONNECTED BY MAINT. DURING THE TKOF ROLL; AFTER ACHIEVING 80 KIAS BUT BEFORE V1; THE MASTER CAUTION LIGHT ILLUMINATED. CAPT DECIDED TO CONTINUE THE TKOF. AFTER TKOF; THE CAPT WORKED THE ABNORMAL AND AFTER TKOF CHKLISTS. AS WE WERE CLBING BTWN 3000-7000 FT; HE WAS ABLE TO RESTORE THE #2 BUS. AT THIS POINT WE HAD 2 GENERATORS WORKING. WE CONTINUED OUR CLB AND THEN AT SOME INTERMEDIATE LEVELOFF POINT THE #2 GENERATOR KICKED OFF AGAIN. I CONCENTRATED ON FLYING THE ACFT AND HANDLING ATC COMS. I HEARD THE CAPT SAYING SOMETHING ON THE #2 RADIO ABOUT CVG AS AN ARPT TO DIVERT TO. I THEN PULLED UP THE CURRENT WX FOR CVG AND OBSERVED THAT THE WX THERE WAS APPROX 1 MI VISIBILITY WITH SNOW AND LOW OVCST SKIES AND FAIRLY GUSTY WINDS. WE DISCUSSED THAT IT WAS NOT A GOOD IDEA TO GO OVER TO CVG OR GO BACK TO IND SINCE THEY BOTH HAD APPROX THE SAME WX. DEST ARPT WAS RPTING GOOD VFR AND TEMP ABOUT 65 DEGS. WHEN WE WERE APPROX 220 MI FROM DEST; WE DECIDED TO CONTINUE. WE REVIEWED THE LOSS OF ALL GENERATORS CHKLIST AND DISCUSSED WHAT ITEMS SUCH AS CAPT'S STANDBY ALTIMETER; AIRSPD; VHF #1; #2 COM; ETC; WOULD BE AVAILABLE TO US. APCH AND LNDG WERE UNEVENTFUL.