Try downloading the memcpu applet instead and check if there actually is something using the CPU. Perhaps you have a daemon running? Or maybe the music indexer daemon have stucked and is using a lot of the CPU(IIRC that can happen)?
EDIT: Or, run the command 'top' in terminal, there you can see what uses the CPU.
Is there a way to log various daemons/apps/widgets/etc CPU usage?
My N900 suffers from serious battery drain, I can't figure out why.
Should X use 8-12% CPU for a few minutes with only xterm and htop open, no auto-updated widgets, nothing like that comes to mind..?
Very uncanny, this drain.