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The speed at which the "tick" occurs tells you where the problem is located:
If the ticking sound = indicated engine RPM it's coming from the crankshaft
If the ticking sound = 1/2 indicated engine RPM it's coming from the valves
If the ticking sound = less than 1/2 indicated engine RPM it's coming from the cam chain (maybe being made by a couple of rigid/seized links that make a noise each time they bump up and over the bottom edge of the rear cam chain tensioning guide)
A cheap "mechanic's stethoscope" from Harbor Freight is a good tool for narrowing down both the frequency of the noise and the location of the noise.
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