I had the same issue when I put the last belt on the M2.
I had significant wear on the front pulley, and where the belt sits has worn a deeper groove, so there was a sharp lip on the inside of the pulley as well, which didn't stop the belt from going over it, but stopped it from going back.
After advice that it would sort itself out over time, I watched it not sort itself out for a few days, while starting to chew the gearbox-side of the belt out.
I ended up bending a very simple metal guide, that I bolted to the gearbox/swingarm bolting point, which just "encouraged" the belt to stay in the correct place until it had settled down. Took less than a week for the belt to get into the right place, and it being kept in place by a bit of smooth alloy didn't do any damage at all to the belt, as opposed to letting it run on the side of the gearbox.
Left the thing on from then afterwards, and it went with the bike. Genuine Fowlerware alloy (from a toilet cistern...)
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