The favorite lists are located as .favo files on your harddrive. These should remain automatically when upgrading. However, we have separate lists for Reason and Record so your old Record lists can be copied from your Record folder to your Reason folder.
Mac Copy the .favo files you want from: User/Library/Application Support/Propellerhead Software/Record to: User/Library/Application Support/Propellerhead Software/Reason
Windows Copy the .favo files you want from: %APDATA%\Propellerhead Software\Record\ to: %APDATA%\Propellerhead Software\Reason\