2009 GS500F -12,900 miles, purchased with 9,600 miles

Ive always had a ticking noise. It doesn't happen at idle. It happens in neutral while twisting the throttle and it also happens in any gear while moving. The sound seems to appear at 3k rpm or so and is consistent in its sound. If you pull in the clutch while moving and the rpms drop enough it goes away. Happens on acceleration and deceleration. It sounds like a mechanical tick tick tick. Seems like it's something engine related, could be normal GS-ness, could be abnormal. I just don't know. Valves are done by the way along with the oil/filter and the head has been retorqued as prescribed in the maintenance manual. 

Other than the sound it runs great. Once fully warmed up, the bike is super smooth all around and a joy to ride

Could it be valve related? 

Does the frequency of the ticking rise with engine revs or road speed? That might indicate whether it's engine (revs) or transmission (speed) related.

It's hard to tell if it rises. I do a lot of freeway riding and wear ear plugs. When I take them out the ticking sounds much more natural with the engine. Maybe the plugs were isolating it.

I can't really hear it pass 6k rpm or so. Then hear it again around the 3k-4K mark if I roll off the throttle.

Maybe it's normal?