Not had a V , but had the same on my gen 1 fazer 1000, got in the habit of spraying the valve with wd40 every time I put it in the garage ( 5 secs

) and never had anymore problems.
You need to pop the can off to check the valve is moving,it could be stuck or the cables worn/snapped or the servo giving up.
If any of those things is gone ,the healtech elininator is the way to go.But you will need to lockwire the flap in the open position if using the eliminator.
Needs sorting to get rid of the light, while it is on for the servo you will not be warned of any further problems if they should ( doubtful

but...) arise.