Re: 1987 suzuki dt-75 alarm going off
The valve you mentioned should be the thermostat, located on top of the cylinder head:
http://store.brownspoint.com/DT85/fig001-858800.asp
Its function is to open the hole circuit when the engine reaches a defined temperature. These thermostats can get clogged or corroded and not opening properly during the years.
What you can do is to remove the 3 bolts holding the cover and take the thermostat out. Be careful with the bolts as the thread is aluminum and easy to damage. Also be sure to have a new gasket for the cover. (I did one of those myself using gasket paper and cutting it in size or you can get preformed ones, too)
The easiest way to check if the thermostat is working is to put it into hot/boiling water and see if it opens or not.