I came across this on the site link below. I posted it on my thread a couple of days ago, maybe this applies to your bike year as well:
In my poking around the iNet for info I came across this info (http://www.avantiraceparts.co.uk/page.php?id=29
) on the flashes from the Immobilizer Light. Not sure if it applies to all years but seems to match mine.
The flash sequences occur just after the key is turned on and the dash completes it power on dance:
if the system is OK, the Immobilizer LED stays off;
the LED flashes once to indicate that the serial connection is missing (this is the direct connection - through the main wiring - between engine control unit and immobiliser control unit in the instrument panel);
the LED flashes twice to indicate that the key in the switch, or the immobiliser antenna, or both, are faulty;
the LED flashes three times to indicate that the system does not recognize the key you have inserted;
the LED flashes four times to indicate that the engine control unit has been programmed, but the immobiliser is blank.
After the fault flashes finish, the LED comes on and stays on if engine ignition is inhibited.
Mine Flashes twice then it stays on, I have no starter operation and suspect no ignition either.