I can hear a clicking/ticking noise similar to that of the engine in this attached clip although the noise is not nearly as loud. The noise increases proportionally as the throttle is opened, yet only when the bike is in gear. Could it be valve related? Or possibly exhaust related?

Any help is greatly appreciated

http://www.youtube.com/watch?v=sug2YNx2ZSg

Does it sound kind of like my NC23: http://blog.familjenjonsson.org/blog/20 ... ine-noise/?

The fact that it happens only in gear makes it pretty certain it's something to do with the driveline. There's no reason the valves would sound different if it's in gear or not. Or does it happen in gear regardless of whether you're moving? Or only when you hold the clutch in?