99-04 sv650 (yes across generations) send 4 pulses per revolution of the front wheel to the speedometer.
05+ sv650 send 8.
If your sv650 speedometer is reading double, or half, the actual speed, you probably have the wrong gauge cluster or wrong spinner.
There are 2 ways to tell which it is.
1) the 8 magnet has a little plastic cover. the 4 magnet does not. unfortunately i have no way of getting it to show up in my pictures... black on black..
2) grab a small magnet. as you run it around the circle, count the spots where the rotor pulls the magnet. Or pushes, whatever.