Minimal polynomial of $\mathcal{O}(1)\otimes -$-operator

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This is somewhat of a follow-up to this question.

Take $X= \mathbb{P}^1, G = \operatorname{GL}(2)$. Compute the minimal polynomial of the operator $\mathcal{O}(1)\otimes -$ on $K_G(X)$.

How does one do this?