122*C (252*F) is pretty high for what you're doing. My
oil temp never gets nearly that high unless I'm on the track. Otherwise, it's usually fairly close to water temp.
My first question would be, "How accurate are your gauges, both water and
oil?" Go to the local hardware store, and buy an infra red thermometer. They're inexpensive enough now that they're a valuable tool. Drive the car around and get it hot. Then let it run in the open agarage for a few minutes to let everything stabilize.
Check the temps of the metal water thermostat housing, and the bottom of the
oil pan. Although not perfectly accurate, the temp readings will be pretty darn close.