Comment 2 for bug 517897

Does the it87 module load properly? Check output of lsmod command. If it's not loaded, try loading it manually and checking dmesg if it doesn't load to see why, so, to summarize:
lsmod | grep it87 #will return lines corresponding to it87 if module is loaded, returns nothing otherwise
sudo modprobe -v it87 #load it87 (with verbose option)
dmesg

I had this issue with my motherboard when moving to a recent kernel: http://www.lm-sensors.org/wiki/FAQ/Chapter3#Mysensorshavestoppedworkinginkernel2.6.31