I think on your bike you will have an Electronic Speedo. As suggested by wd4ity, the sensor can result in the speedo failure. This is a hall effect device and is magnetic. It can pick up metal fragments from inside the gearbox. Removal of the sensor is a bit fiddly. Its located on top of the gearbox just below the starter. Take it out and clear any metal debris. If not the sensor, and you get to the point of replacing the speedo, be careful! After 2004 the Electronic Speedo completely change and is not compatible with pre-2004 models (I found that out the hard way). Hope that helps. Best of luck!
It depends on which speedo you have, the electronic or the mechanical one. The lights in the speedo are simple illumination lights that are connected to the headlight. They have nothing to so with the operation of the speedo itself.
On the mechanical speedo, it is driven by a speedo drive unit on the front wheel with a cable running from the drive unit up to the backside of the speed. Look on the backside of the speedo and disconnect the cable. Raise the front wheel off the ground or tie the cable to the handlebars temporarily and ride the bike. The cable should turn. Use your fingers to put a little resistance on the cable, pinch it between your fingers and see if it slips and stops turning. If it does, you cable and possibly the drive unit is bad. If it continues to turn even against the resistance, likely you speedo is bad and must be replaced.
If your speed it an electronic unit, there is a sensor on the engine case back near the transmission part of the engine. You can remove this sensor and wipe it off in the event it might have a piece of metal on it or something. If that doesn't fix the problem, it could be either the sensor or the speedo. I do not know of a test of the sensor. Wished I could help more.
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