hi there
BEFORE you spend any money replacing ANYTHING, I recommend you do the following...
remove the carbon-look panel under the clutch lever, just behind the LHS headlight. It's one phillips screw & one 1/4 turn quick release screw.
underneath you'll see a large white block connector - this is what links the front section of the wiring loom to the main loom on the bike. It is a known problem spot on the early R1's.
The two halves of the connector come apart once you release the clip holding them together. This can be a bit tricky if it's never been apart before! It may be easier for you to also remove the LHS mid fairing panel.
Once apart, give all the connections a good clean [carfeully!] and make sure you spray it well with silicone spray or WD40.
You may see some obvious signs of corrosion - lovely green fur.
Once clean & back together, try starting your bike & letting it run to normal temp. Hopefully it will show 'Lo' for just a few minutes max, then it will show 40deg & then keep rising [eventually until the fan kicks in]
If it isn't the big white connector, then chances are it could also be:
the temperature sender which sends the signal from the rad to the clocks [check the connections at the rad]
loose connection at the back of the clocks
faulty thermostat [when the bike is hot has the level of coolant in the expansion bottle risen?]
faulty or insecure radiator cap
BUT check the big white connector first, before spending time/money elsewhere.
Good luck, let us know how you get on