Cam position sensor

C011 code came up on my busa, checked it and it was the cam position sensor, so I replaced it and still coming up and can't start the bike until the engine is cold. Is there anything else that would be causing the code to pop up? The bike has 9,000 miles it is an 03.
Yes it does. I am starting to hear a knock in the engine. I dont know if I should check for valve clearance. I have cleaned the fuel filter, checked the charging system, changed the tps sensor, crank position sensor, the starter works like it should.I have a power commander which I disconnected to see if the PCIII was bad but it does the same stuff with the stock computer. Cleaned the injectors, changed the plugs,new oil. So i dont know what else to do. The gas is new and when it is burned it smells too strong.
Disconnect the PC and measure the pin on the intake cam to see if it is in spec