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115 Yamaha beeps

Hi Guys..I'm new to forum because a month or so ago I bought a 2002 197 fun deck with a 1994 Yamaha 115 two stroke..Boat and motor are both awesome, except......It will get up on plane great and cruise all day at 4000 rpm but if I nail it full throttle it goes great for maybe 20 seconds and then starts beeping and cutting out..No lights come on but I don't have a overheating light...I return to idle, beeping stops and I can go to 4000 with no problems...I can full throttle from a stop and get to plane and then come back to about 4000rpms , no problem.....It pumps lots of water at idle but I have not checked at full throttle/speed...
Thanks, Dave in Fl.
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