This is a copy of the post I sent to Murfeey a few weeks back for the test on the sensor and instrument cluster.
Take off the right hand side panel and follow the wire from the sensor up and locate the connector.
then do the following three tests with a multimeter.
1) Turn the ignition on, measure the voltage between the green/violet and blue/orange wires on the connector there should be more than 9 volts.
2) measure the voltage between the grey/white and blue/orange wire terminals there should be more than 6 volts. Now keep the probes inserted on the connector.
3) Raise the rear wheel of the ground with a paddock stand and slowly spin it. Or you could push the bike along. Everytime a disc bolt passes the sensor the voltage should drop to zero then rise again to over 6 volts.
If test 1 fails then remove the sensor and try again. If it still fails then your instrument cluster is shagged.
If test one was correct but test 2 incorrect it is the sensor thats shagged.
If tests 1 and 2 were correct but test 3 was wrong its the sensor.
If all three tests were correct then its the cluster.
Replacing the sensor is a tiny bit fiddly but a quick job and thats probably the problem. Water gets in it and knackers it mate.
Hope this helps.