After a call to HP, there seems to be a solution present.
Apparently it's a known issue on these boxes, when one is using the open source IPMI, instead of the HP OpenIPMI.

The resolution was to install HP OpenIPMI. The full description is below:

Quote

DESCRIPTION
On an HP ProLiant ML350 G5 server configured with a single processor, if
the HP System Health Application and Insight Management Agents for Linux
are installed without the HP OpenIPMI (hp-OpenIPMI) device driver
loaded, a console message is displayed indicating that there is a
problem with the system fan and that the server will shut down in 60
seconds. After 60 seconds has passed, the server reboots. When this
occurs, the following message is written to the /var/log/messages file:

hpasmlited: WARNING: System Fan Removed (Fan 6, Location CPU)

The HP OpenIPMI (hp-OpenIPMI) device driver reports information on the
status of the system fan to the HP System Health Application. If the HP
OpenIPMI (hp-OpenIPMI) device driver is not loaded, then the OpenIPMI
device driver that is included with the Linux kernel is loaded by
default. The hpasmlited application uses the IPMI Sensor Device Records
(SDRs) to determine what devices are present and working and what action
to take. The SDR for Fan 6 is delivered to the hpasmlited application
with instructions to shut down the server if the fan is missing or
failed. As a result, the HP System Health Application flags the system
fan as not being present and shuts down the server. The HP OpenIPMI
(hp-OpenIPMI) device driver relies on OEM messages sent by the Base
Management Controller (BMC) to shut the server down. The IPMI 2.0 OEM
messages are not supported by the standard Linux drivers shipped with
the Linux kernel.

When the ProLiant Support Pack for Linux is loaded, the HP OpenIPMI
(hp-OpenIPMI) device driver is loaded by default. However, if a user
chooses to not load the HP OpenIPMI (hp-OpenIPMI) device driver, then
the OpenIPMI device driver that is included with the Linux kernel is
loaded.

Note: This does not occur on a ProLiant ML350 G5 configured with two
processors.

SCOPE
Any HP ProLiant ML350 G5 server configured with a single processor and
running HP System Health Application and Insight Management Agents for
Linux and the OpenIPMI device driver that is included with the Linux
kernel.

RESOLUTION
To prevent the server from rebooting, load the HP OpenIPMI (hp-OpenIPMI)
device driver instead of the OpenIPMI device driver if the HP System
Health Application and Insight Management Agents for Linux are
installed.

To locate the latest version of the HP OpenIPMI device driver, click on
the following URL, select the desired Linux operating system, and then
click on "Driver - System Management":

http://h18000.www1.hp.com/products/servers/linux/softwaredrivers.html