Any suggestions on either problem, have a 2005 V2 650 that runs ok although it backfires and only will go 26 mph??

Will pop out of High Gear, could this be an adjustment issue?

 

sounds like it is in limp mode. i don't know about the 05's but the 04's the belt light comes on in the instrument cluster. you can either reset it due to a power spike or else there is a switch inside your clutch cover that you can turn off if it was tripped by the belt. if you hit 100 hours on your machine i know the 04's would also go into limp mode at 100 hours. as far as it popping out of high range i would put it all the way up into low range and loosen the two adjust ment bolt in the linkage and it should automatically slide where it is supposed to be.