Dave, it looks like you're showing pictures of both side fairings' inside surfaces, below the tip over covers being blistered from the heat? (Fred, '04 and later have the radiant shields inside the lower fairings, not on the inside of the side fairings.)
That's a lot of heat! I'd check the knock sensor wiring / connectors. Any mods to the bike? Do you get caught in stop and go traffic in the heat? It is suspicious that the exhaust pipes are getting that hot on both sides of the engine (or did one time).