Ahh yes. The 2002 Turn Signal/Security Module (TSSM) can be a fickle beast.

Assuming you are using the key fob correctly, one long push for arm, two quick pushes for disarm, it may just be the TSSM.

If it happens again, unplug it (It lives under the passenger pillion) and wait a 10 minutes. Then plug it back in. Make sure the bike is off before doing this.

 

You should check for error codes to tell you what is going on, Start here:

http://www.1130cc.com/forums/showthread.php?t=3&highlight=code

 

I had the same issue on my Dx, red key light came on without any reason, I also noticed that my left turnsignals didn´t work. Checked wiring, and no issues there, decided to try and reset codes, and after that everything worked fine. this was a few weeks ago no issues after that.
/John

 

As RJ says there is a problem with the 02 TSSM module. It was an early model that was known to lock up from time to time. You can pull the tssm fuse and put it right back in when that happens or if you can get the pillion off you can unplug the tssm and plug it right back in. It was explained to me that Harley was aware of the problem with the 02's but that it wasn't widespread enough to warrant even a bulletin. Your one of about 20 now that I know of with an 02 that has had it happen. It has done it to my 02 a couple of times now.

 

This happened to me a month ago, I tried starting it several times and it would die, I called V-Rod tech at that time, he said just wait 10 min or so and it will re-boot and be normal, I did and he was right.