I have the same exact bike, and just started having the exact same problem. It came on one morning last week when I started it, so I shut the bike down. Started it again, and it was gone. Rode it several times with no problems. Yesterday, I started it up, no FI. Then I stalled it(yeah, duh), and when I started it again, the FI was back, along with the red light. I shut it down, waited a minute, started it back up. FI was still there with the red light. An hour later I started it, everything was fine.
My owners manual(pg 3-16) says this is a fuel injection failure, and that the bike should be taken to an authorized repair shop. It also indicates that it's alright to let it run. What is the problem with my fuel injection, and why doesn't performance seem affected?
Pyro, AKA Dave