Can you get rid of the 131/151 codes?
Maybe.
It is important that a rider ensure that they have eliminated the common reasons for triggering the codes with the IED's installed. The primary triggers are exhaust leaks and loose O2 sensors. Even the smallest exhaust leak can trigger the codes. We have found that many of the bikes that have codes will get rid of them when they carefully check their exhaust system.
For those bikes that have double checked their exhaust system and the errors are still present, we have a modified XiED that might reduce the occurrence of the codes. Contact Nightrider.com to see if you are a candidate for this upgrade.

Can I just run my bike with the codes and not worry?
Yes.
As long as you do not get an active check engine light, you can run your bike with the IED's. For any active check engine light, you want to have that checked to find out what is setting off the CE light.

Over the past couple of weeks we have seen a number of bikes reporting 131/151 error codes on their bikes. The fact that the majority of bikes installing XiED's never experience any problems is a strong indication that there are no inherent issues with the design and operation of the device. The fact that most of the bikes that experience the 131/151 codes have the codes eliminated after locating and eliminating very small exhaust system leaks should be a further indication that the design is solid and the codes are caused by the exhaust leaks.
Some riders insist there are no leaks in the exhaust and declare the IED's defective. I have always been willing to swap out or refund returned IED's for riders that feel there is a problem with them. A few intrepid souls have gone through their exhaust systems multiple times before the codes go away. It is the actions of these riders that have convinced me that there the single cause for the 131/151 codes is fresh air getting into the exhaust system. It is also the only explanation that matches the symptoms seen by riders.
Any exhaust leak on a V-twin engine actually allows fresh air back into the exhaust system. It is the interaction of this fresh air on the O2 sensor allows the code to occur. Modern O2 sensors are incredibly accurate, sensing the smallest changes in the amount of oxygen in the air. Even the smallest amount of fresh air into the exhaust system is seen by the O2 sensor and results in a lower voltage being output by the O2 sensor.
In normal conditions, the O2 sensor produces 500mV in a 14.7:1 AFR. The ECM senses the 500mV, recognizing this as the correct voltage to maintain. If more fuel is added to the engine, the AFR richens, the O2 sensor voltage goes up, which results in the ECM sensing the higher voltage as 'rich' and it reduces the amount of fuel thus leaning the engine out. If less fuel is added to the engine, the AFR leans out, the O2 voltage goes down, which results in the ECM sensing the lower voltage as 'lean' and it increases the amount of fuel thus richening the engine fuel mixture. This 'cycling' between rich and lean always centers on the 'Bias' voltage
The 131/151 codes are set if the ECM sees a very low voltage at the O2 sensor line. I believe this voltage is about 250mV. This normally would mean that the 02 sensor is seeing an AFR leaner than 15:0:1. But with the voltage shift of the XiED, it means the O2 sensor is actually producing 450mV (about a 59% voltage shift), but the ECM is reacting to the 250mV it reads as output. A few riders seem to have 'caught' the instant the ECM senses the low voltage and noticed an engine stumble as it temporarily shifted back to open loop mode and the leaner fuel mixture it allows. But the riders who noted this indicated the transition from closed loop to open loop and back to closed loop was never longer that 2-3 seconds and was only occurring at idle, generally after a long decel. This observation is consistent with how an exhaust leak or fresh air in the exhaust system and how an ECM should react in closed loop operation.
We will continue to expand this article as more information becomes available.
This is the exerp from the 2008 Harley Dyna Service Manual that talks about the 131/151 codes.
You will note that they tell you to 'clear and ignore' the codes. Their reference is primarily associated with break-in, but it seems strange that something that is acceptable at 999 miles because an issue at 1001 miles.
Please notice HD's list of causes for 131/151 codes.
Poor Connections
Dirty Injectors
Loose O2 Sensor
Loose/Leaking exhaust
Engine misfire
We see the last three causes as primary candidates to trigger the codes, especially with the IED's in place.
We also have evidence from a state run EPA test laboratory that codes are very likely to be triggered just after initial startup, between the time the engine starts and it revert to normal closed loop operation.
We believe the mechanism that triggers the 131/151 codes during startup is associated with how the voltage output of the O2 sensor changes as the sensor warms up. This graph shows how voltage output changes with temperature. The voltage shift of the IED's could be enough to trigger the 131/151 low voltage.
There is further evidence from the EPA testing lab that the manner in which Harley and the ECM chooses to read the O2 sensor signals will also cause the error.