IndyFour, you are right. It DOES pop on every full revo of the front sprocket.
I loosened the rear tire. The chain is very slack and I rotated it, and it still pops at the same point, but now its not as loud.
My first thought was the bearing on the drive shaft.
Soo Fritz, MC, should we assume this avenue? I'm guessing you both are referring to the same issue about the bearings.
I'll go ahead and try adding more grease to the splines and retainer. But if it still pops...Should I check the bearings on the drive shaft next...?
UPDATE: I removed the chain from the front sprocket as well as the sprocket itself and spun the driveshaft around freely. It did not make a popping sound at all. So it must be from the weight of the chain and rear tire.