I have a new F3 with the same engine. The F3 may run a bit hotter since it has fairings, but I have the same issue. My bike runs with both bars red anytime there is stop-and-go traffic, but it goes back to green pretty quickly once moving constantly. The owners manual says the red bars mean temperature greater than 115 C but less than 125 C. Thats 239-257 degrees F. To me, that sounds insanely high. But the owners manual indicates it is not a problem until the bars flash (over 125C/257F). Again, that sounds rediculously high, but apparently they dont consider it overheating until then.
I really wish MV would put actual digital thermometers on these things like any other serious manufacturer does. Unless Im just not able to find how to display it, I cant get any coolant temp indication to display on the normal display...it has to be in race mode display. The computer obviously knows what it is.
MV...are you reading this?