I think it was 2002 onwards that they put a sensor in the strainer plug when the ECU's got a bit more sophisticated and ran a readout on the dash.
Previously the ie models only had a sensor on the inlet rocker cover which the ECU read engine temp from, to manage mixture. This was retained for engine management when the dash sensor came along.
Not sure how the Ducati sensor works, but it seems that the "ring" is only getting the temperature from the thermal mass of the strainer plug itself?
In which case I would blind drill the plug and tap for a copper screw and washers, which will conduct the heat into the sensor better.
Then I'd try and find a plastic cap for the screw to stop it from losing too much heat from the airstream. (Or splash stream if it's raining.)
I guess you could actually drill right through and use a longer copper screw, which would be in contact with the oil itself. Trouble is it would then let oil out if it were removed for whatever reason.
Kato gave me a nifty little temperature gauge that threads into the oil filler hole. It was very hard (read dangerous ) to try and read it on the move, but informative every time I stopped and put my feet down.
I got the general picture after a few rides of different nature and re-fitted the standard filler plug.
What I learned was that my 900 engine takes about 10+ miles to get to operating temp and generally over-cools.
I cover the oil cooler with a big muff in Winter, when it gets down to single figure temps.