Still looking for some insite...warning buzzer

[impalor419]

I have a 1989 Yamaha 130ETXF. My second time out this year I was going for sometime fully opened and the warning buzzer sounded and my engine started running bad. Shaking low RPMs. I will let it idle then turn up the RPMs and it stops and then after running it for a minute or 2 at full throttle same thing alarm sounds. I have a nice stream of water coming out and no clogges at the water intake so I dont think its the water pump. When the alarm sounds my oil guage is still at full. No lights flashing on the tach. I pulled the plugs and they were a little oily. Would there be a possibility of water in my fuel? I had half a tank in winter storage and I stabilized the fuel,and before I went out on the water filled the tank. From what I have been reading the alarm doesnt go off for fuel problems. I am going to replace the thermostats and the pressure control valve. Is there anything else I can do?