When I start the car in the morning, when its cold, ( less than 50 degrees) The temp gauge on my 240 redlines hot, then as the car warms up to steady state temperature, the gauge floats down to the normal point. I have a new voltage compensator I had bought a couple years ago, before i take the instrument cluster out, is there anything else it might be?

When Ive had compensator problems, the symptom was more eratic, the gauge floating up and down around the nominal. This problem is different from what Im used to seeing. Once the engine is at the normal temp, the gauge is rock steady.

Could it be the voltage regulator or temperature sensor?

It did it a couple times in October, and went away, I thought I would wait for a hard failure, now that it colder, its doing it repeatidly. thanks for your help