It is an air temp sensor I believe. It works with your FI system so you'll want to keep it plugged in. It helps dictate the bikes afr. Someone correct me if I'm wrong.
i would try to mount in side your n eck to the filter close to the throttle body. take a look at the intakes you can buy from timbersled they are worth the money and have spot in the plenum for the senser.
I drilled a hole smaller than the sensor in my intake tube and then just poked it through and used aggressive screws in the mounting holes. The silicone tube is pretty sturdy and thick, screws seemed to get some good bite. lasted all season last year for me!