Check that counterbalancer! All you need to do is pull the stator cover and rock the counter balancer. IF it rocks and clacks then you found the culprit.
It's a easy fix. Costs about a buck to fix. I had to do it on my 2000.
If the key shears your motor is toast immedeately.
I'm convinced it's not the counter ballancer. It ticked a little before I tore it down to change the piston rod, and it was fine, and the tick was still there afterwards. Plus when I listen really closely at different spots with the tube I have (I use it like a stethoscope) I don't really get any different noise. The tick I hear comes from the clutch cover. I get a little noise listening to the surfaces on the front of the motor but it's not what I'm hearing. I'll check it when I tear the bike down for my pre-ride inspection (prior to my week long 800mi single track "adventure"). I think I'm good for now, but I'm not ignoring that. I just have to decide to not be lazy and tear the cover off.