My asus motherboards that I have and the ones out in the field will randomly give me the "overclock failed" or "system fan failed" during POST. Each and every time it's nothing. I still check, but I swear it's laughing at me.
I wouldn't worry about it.... just quit restarting your computer, gets in the way of your folding for 54196 anyway, right?
By the way, it's definately NOT the thermal compound.
Oh, and if you're checking the fan on the CPU (hence the thermal compound) only you might want to check all your case fans.... the complaint doesn't appear to be about the CPU fan...