Without any other information, my first thought is leaking manifolds (causing a too lean condition - which can cause a high idle) - but I could be way off, too.
To help us help you, tell us about your bike. What carb work or adjustments have been made? Carbs synched? Rebuilt? Carb clamps tight? Check for air leaks? Carb idle mixtures set? Timing checked/set? Advancer works? Fuel filter installed?
The knocking sound could be nothing more that an idle that is set too low, or carbs that are out of sync. Mine will knock with the idle set too low. Before I synched the carbs, the bike would knock if the idle was lowered too far (setting the idle higher than stock will mask/hide a poor synch). After the carbs were synched, I could set the idle well below the stock idle setting with no knock.