I bookmarked this post because I have a 99 that the temp light flickers on once in a while. This post shows how it works and the fix for the false light coming on on the 97-99 models. 97-99 has a Thermo sensor and the 00-03
have a Thermostatic switch both are in the Thermostat housing. The sensor in the 97-99 malfunctions quite a bit.
http://www.valkyrieforum.com/bbs/index.php/topic,78286.msg766612.html#msg766612