Is the bike running well? Do the spark plugs indicate an overly rich condition? Does it pop on deceleration? Do the piston tops have heavy carbon deposits? Maybe the codes are the problem and not the air fuel mixture.

 

The bike is running well and I have not checked the spark plugs. There is no deceleration pop and and I do not have the knowledge or skill to take apart the top end to check the pistons. Is it even possible that the bike could be throwing false codes?

 

It is hard for me to mess with motor that is running well…..”if it ain’t broke don’t fix it” type thing. Anyway, you could check the plugs, YouTube has several videos on what to look for. You can also look inside the cylinder through the spark plug holes for signs of carbon or fouling. You can’t see much and you’ll need a sharp focus flashlight but you can see a part of the piston……at least I can. You could also buy/borrow/rent a borescope to actually run in the sparkplug hole for inspection.
My 07 96” RK will from time to time throw the same codes. I’ll clear the codes and not get them back again for several hundred or even thousand miles then one or the other or both will come back. My bike starts and runs great, my plugs look good and I see mostly silver on the top of the pistons. It also averages 42-46 mpg indicating it isn’t gobbling gas. It also runs fairly cool and doesn’t pop on decel.
I’m going to watch it but I’m not going to do anything unless some other sign appears. My assumption, at this point, is the dyno tune guy wanted to add gas to get the motor to run as cool as possible which is close enough to throw a “too rich” code every so often. Keep in mind, mine is 14 years with some miles and I’m not going to spend lots of money on it. YMMV.

 

Here is a link to a PV video on how to set up the gauges:

(you can find other videos at
https://www.dynojet.com/video-tutorials/#PowerVision
as well as
https://university.fuelmotousa.com/ )

One thing I would do is have your friend the mechanic come over and check the O2 sensors.
I do not know if you can do it with the M8s, but with the twin cams people have reported similar problems where the computer was chasing its tail because the O2 sensor wires were switched (front connected to back, etc.)
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