Dano, if this weather ever gets better we've gotta get together and head out for a ride into the mountains! if you want i'll PM you my cell.
Its been raining this week so I haven't taken her out for a ride to check if it makes the same noise under load, I ride with ear plugs so usually I only hear it when its idling in neutral. I also try to avoid lots of throttle under 3k RPM so I don't lug the engine.
My baby is a 2008, with apx 25,000km on the odometer, only engine related mods are the K&N air filter (which has been properly oiled, cleaned and installed with the sealant grease). I have not taken the headers off and although I don't have the post adjustment valve clearences anymore (can't find them) I know all valves were within spec when I finished. I zip tied the chain to the cam sprockets when i removed the cams and tried to make sure there was tention on the chain so it wouldn't skip a tooth on the crank.
The only way I could figure out how to double check the cam timing after the adjustment was to set it at TDC and check the valve clearence to make sure I had max clearence and then rotate the engine to check the other valves (i'd love to know if there's a better way that can use cam markings or something to more accurately verify this).
I had heard the sound before and after the valve adjustment, I also tried adjusting the throttle bodies at the same time (OMG is that a nightmare to do) but I couldn't get them adjusted any more then they already were. Also at that point I checked and adjusted the spark plugs (the hell I'm replacing $25/each plugs at 10k as per Kawa!). Oil (synthetic of course) and filter changed regularly and before she hibernates as well as the chain is lubed/cleaned every 500km/1000km and adjusted as needed.
As far as I can tell (see the youtube video below of the bike starting, running until warm and then shutting off) the ticking is only heard when the engine warms up (at least I couldn't hear it when it was first started). The noise is constant and changes speed with the engine and sounds like its coming from the front of the engine).
Although to me it sounds like the cam lobs hitting the valve buckets with excessive clearence, I don't think its a thrown shim as the noise was presistant before the adjustment and no shims were missing. As far as I can remember the noise came on fairly gradually and as it got louder it prompted me to do the adjustment.
I've pretty much written the noise off as just an engine noise and wasn't very worried about it but saw Bluethunder's post so wanted to chime in.
Your text to link here...
https://www.youtube.com/watch?v=0Bo2wRu47kw