I have about 3900 miles on my '04 Speedmaster, 3000 of which I've put on since buying it in early June of this year. The engine "Ticks" loudly, I can easily hear it over the Scepter exhaust, and if it was a car I would say it sounds like ticking valves.
The ticking comes from the left side of the engine and seems to come from the top end of the cylinder head, but it is hard to pinpoint over the exhaust. It is also hard to pinpoint since it seems you have to be at the right angle to hear it.
I posted a week or two ago that it quiets down with premium gas, but that may have been wishful thinking. It does quite down somewhat when warm, but not much. I first noticed it in late July after I discovered the bike leaking oil from the shaft seal. My assumption was maybe it was a little low on oil and that was the cause. When I had the shaft seal replaced, I mentioned the engine ticking to the dealer, but they didn't comment on it at all, good or bad. I figure if it was "bad" they would have said something, but it would have been nice to hear "That's normal" from them.
I changed my oil on Friday and used Mobil 1 20/50 hoping it would quiet it down, but it's still the same. I was on a ride last week with two forum members (bking & mole) and I asked them to take a listen, both seemed to think it sounded fine - although I secretly think neither were at "the right angle" to hear it.

I should have listened to their engines more closely that day to see if their's sounded the same.
Maybe it is normal, but I know that the engine didn't tick this loudly when I first bought the bike. I may take it by the dealer one of these days and ask them to listen to it just to make myself feel better.