It is safe to ride until you need the ABS the first time. The brakes will work the same but when a wheel stops spinning(locks up as on sand or gravel) the ABS won't modulate the applied pressure and the wheel will stay locked up. Just like every other motorcycle you have likely owned.
After changing the brake fluid, you have to reset the fault as described in other posts and yes it works. You have to be patient and ground the reset wire properly.
Don't let the dealer talk you into a new ABS unit until you have tried to reset it your self. It will save you a lot of dollars and grief!
Unlike with the servo assist system on some of the newer bikes, the brakes still work great, just not the ABS. If you know someone with a 911 code reader, you can clear the code much easier. I am told it is possible to rebuild the ABS unit on the 99-01, and there is at least one company who does it fairly reasonably. My ABS has been out on my 2000 LT for the last 25000 miles. I bought a used unit on ebay, and plan on changing it sometime in the near future. If the works out, I am going to try to get my old one rebuilt.
There is a company in tennesee that claims to rebuild the abs units on the LT. However some members on this forum have had horrible experiences with these people. We do not recommend going through this company!
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