I took the bike to a mechanic I know today and he had a listen to the sound with a stethoscope. He says its coming from where the oil pump is. I pulled the pump when I got home and noticed that the gears inside seem worn, they are shiny and the edges appear rough. It also looks like one of the 2 gears inside may be contacting the inside of the case where it sits.
Had a lot more metal flakes on the plug and in the screen. Its only been around 100 miles since I last pulled the plug.
Here are some pics.
Does it look like this could be the culprit?
(http://i46.photobucket.com/albums/f144/slayt/photo.jpg)
(http://i46.photobucket.com/albums/f144/slayt/oilpump5.jpg)
(http://i46.photobucket.com/albums/f144/slayt/oilpump4.jpg)
(http://i46.photobucket.com/albums/f144/slayt/oilpump3.jpg)
(http://i46.photobucket.com/albums/f144/slayt/oilpump2.jpg)