If you are playing the PC version there are a number of mods you can use to make the AI more competitive versus what Code Masters has given us out of the box. First off download the AI Toolkit (it will offer you the most flexibility through trial and error to setup the AI to compete at your present skill level). There is also an AI mod I like (True AI version 1.4) and this will also greatly improve the game.
As far as 2:01:xx at Bahrain in the Lotus, with some more practice you should be able to shave a second or two more off of that time. But the Lotus is the Lotus so don't expect to be competing with Red Bull, McLaren, Ferrari, Mercedes, Force India and Renault in qualifying. Finally if you have not read this, in practice and in qualifying you may notice you can drive around the track at the same pace as the AI cars but the lap times will be different. The AI lap times in practice and qualifying are invented out of thin air based on the database file you have installed. There are some modded versions of this database file you can download and the toolkit also allows you to modify the database file. I highly recommend you start with a modded database file and then tweak it with the toolkit as the database file Code Masters gave us is a joke. Of course if you are using a console version of the game, I don't think you can mod it so you will just need to practice and find what works for you to make the game fun.
Good luck ... I find driving the cars in this game to be a lot of fun, but the AI can be really retarded at times. Oh and install the patch if you have not done so. The pit bug is really annoying and as Eric P has already mentioned, pit one lap before or one lap after your race engineer recommends you pit. It just makes things easier and helps limit the time your lolly pop man will hold you up in the pits.