I just rode it and it seems like you guys are right, not engine. It definetly only does it coming down through the gears and only when the clutch is engaged. The center stand is tight, but its hard to see if the chain is doing anything weird while in motion. I have adjusted it recently because it was slapping around and that didn't sound like this, which is why I think it might not be the chain.
It's so tempting to hang my head down there, but then my brain says "you're on a motorcycle dumbass, watch where you're going".