On my 1994 60/45 jet I had the same problem where the warning would go off constantly. I thought it was the overheat warning sensor so I bought a new one and still got the warning. I don't run the oil injection so the oil tank is empty and disconnected so I know it's not the oil level. In the end, I'm pretty sure it's the overheating/low oil unit that went bad but it runs cool and pumps water fine. So I disconnected the unit altogether since I always watch the telltale to know it's pumping fine. Your overheat/low oil module might be bad or it could be the low oil sensor or the overheat sensor so you may want to test each of those before assuming it's the module. You can disconnect the wires and run it, but you need to make sure it's not a serious problem first. I have a new oem mercury temp sensor if you're interested and it's the same part number for your motor (#78799 2). If the water coming out of your telltale is really hot, then you might have another problem with the cooling so check that. What year is your motor?