It could be a lot of different courses, but I would check if your water temp lead and RPM wire are running too close together. I had a problem like that, were my water temp was all over the place, after separating the wires, problem gone.
Hopefully Steen is right. Don’t believe that there is a good deal of pressure in a Rotax radiator, so 110 is beyond the boiling point of water. You could carefully dip your water sensor in boiling water and see what it reads.
Check the water level and make sure there isn’t an air bubble in the system.
I don’t think it’s a bubble, when the lid is of at the radiator I can see there is a fine water flow… I’ll try separating the wires, I due have rewired all the cables so it could be the reason…