Yes that ratchety sound.... still keeps me thinking what can cause that type of sound? I know that whatever we hear that was recorded by the camera will probably not be quite the same sound as heard by standing beside the bike. My digital camera pick out the valve train sounds on my BSA when it is 100 feet away. Sounds terrible on camera but normal in real life.
Valdarez, when you say that the sound appears to be coming from the exhaust valve area. are you able to pinpoint the area that is causing the sound using your stethoscope? Without burning your hands, are you able to feel for the shock of that tapping noise (engine cold of course)? Try running with the left exhaust pipes off the head and listen for the tapping noise (if you can hear it over the exhaust noise). Just trying to eliminate all possibilities before you pull the engine. I was having visions of the exhaust pipe sealing ring moving up and down but somehow I wouldn't think so. But that ratcheting sound..... just like shaking a rattle can of spray paint.