I was seeing indicated temperatures of around 320-330 F.

at highway speeds of 75 mphin air temps of 105 F. (b average temps around here during the 'hot season')
I thought it was caused by an inaccurate indicator, but I checked out the accuracy with some test equipment at work, and found the indications within 5-10 degrees of the test equipment.
That's when I decided to install the cooler kit.
Oil temps now average about 260-275 F. in same riding conditions as before.
When the engine is running, I think the only oil that gets on the dipstick is splash, not oil sitting in the sump.
After I shut the bike down in the garage with no airflow over it, and air temp of 105 F., I can see a noticeable drop in oil temp ( 20 F.) within 5 minutes, so I'm not so sure how realistic an indication I'm getting when the engine is running.
So I'm thinking that the oil temp is around the 240 F. area in the sump.
This desert heat can be real tough on oil, that's one of the reasons I tried Mobil 1 motorcycle oil, for higher temp resistance, but the rear main seal didn't like the full synthetic, so I went back to Spectro Golgen 20w50, but the last time I bought it, it was over $10 a quart, so now the R65 gets BMW 20w50 BMW semi-synthetic oil made by Spectro.