Re: 02 yamaha v-max
It's definitely going into a fail safe mode--probably indicated by a red light on the tach.
Since the oil injection system is a manual system, and pretty much trouble free, you might want to:
1. Check that both oil tanks are full--external tank & small tank mounted on the head?
2. Feel of head to see if one is hotter (than the other.) You could use an infrared thermometer--to see if there's a difference. (One head hotter than the other would point to a closed thermostat.)
3. If it's been very long since water pump impeller replacement (or if you have just purchased the boat), go ahead and change the impeller and lower unit grease. It's a very inexpensive item to replace on Yammie's.
These three checks should solve your problem.