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Crazy speedometer readings ?

I have a 2011 M8 and I'll be riding say 5 mph and the speedo says I'm going 40 mph or something crazy. The trip meter is way off because of it as well. Is it my speed sensor or gauge or ? Any ideas on how to fix it?
 
the 4 clover nut on the brake side of the drive shaft is not tight or set. if it has any movement it will read many more miles then are real.
 
Everything was tight. The tip if the sensor had a bunch of crud on it so I cleaned it up, but it still reads way too fast. I'll swap the sensor out of my 09 M8 tomorrow and see if that one reads accurate in the 2011,
 
It's set to MPH. I bought the machine used with about 650 miles on it and now that I've ridden it a few times around the property I noticed the speedometer reading way to fast.
 
Any update on this? I just got my new to me 09 M8 out today and I have the same problem. I had the speedometer telling me I was going 160 mph when I couldn’t have been going 70 or 80. And like you, is said about 30 when I was as going 5


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