REpozer,
Yes, the service man told me that the engine is sounding normal and this is how it should sound.
Comparing mine to another LB500, the noise that mine makes isn't different at all. But that is at idle and while I hear the engine at different throttle positions with the motorcycle standing still.
But, the issue I am having is that there is a clicking/clattery noise, when I hit speeds of 60-65 KPH in top gear. It vanishes once the speed touches 70 KPH. This noise occurs in every gear just before I upshift. I am certain that I am not lugging the engine and I also find this particular sound to be different from the knocking/pinging. It is more of a slight(low intensity) tic-tic sound that occirs at a particular mid rpm and then disappears at higher rpms.
Also, there is absolutely no degradation in performance, read acceleration, even with this sound. Tomorrow, I will go for a longer ride and check more thoroughly. This sound has been there since day one(She is 11 days old). I thought that it is due to the PAV all along, but some people say that PAVs make rattling noises only while deceleration. Obviously, this is leaving me more than a little confused. Also, I checked the plug and the tail pipe for any oil fouling. They are very dry. So, this means that there is no oil being let out of the ring which somewhat says that the piston is doing it's job correctly. Does the noise have to do something with tappet adjustment? I will try and find out.