Comport I had the same problem this weekend. Riding in the Haliburton area, probably -20C or so, good dusting of snow on top of hardpack, probably a couple inches and I was also having the temp light on multiple times. Checked the coolant it was fine, I could touch the right side running board heat exchanger wasn't above temperature. I also had a couple hickups with it. I couldn't turn my carb warmers on, so ran them off. Seamed like the TORS was kicking in if I was coming to a complete stop. Opened the Hood after over an hour of riding and there was still frost on my carbs. After the outside temp warmed up a bit it was okay. Came back at night.
I'm lost at the overheating issue, I'm going to do a pressure test even though I don't see any leaks. I also installed a rear heat exchanger a couple of years ago, haven't had an issue since. I'm starting to wonder if it is a moisture/ cold temperature problem although I've never had this problem before.