Can't say for sure what it is, but I'd inspect everything I could, pull the side covers on the engine and look for anything out of the ordinary, pull the pan and climb under with a flashlight and dental mirror, look for any score marks, or metallic residue. anything that can be opened inspect.
looks like a nice bike, And I would definately rather tear into it to see whats wrong and find some stupid little harmless thing than to ride and find out it wasn't so stupid, little, or harmless.
ken