3 Answers

hopefully it's just an exaust problem , maybe just a manifold gasket, check you oil first thing make sure its full , pull out your spark plug and crank it over with the plug out and listen closely and see if you can't identify where  the noise is coming from .... let me know ...

You can drain a little oil and maybe have it tested at a diagnostic shop for engine conditions. This is the equivalent of blood tests for people. Maybe its time for a career change to Motor cycle engine repair. This really sucks bad news is it maybe don't run any more . Good news is the cases are maybe still intact (only internal inspection will determine that) and nothing that belongs inside the motor is on the outside . Might want to check the compression while the plugs out,use a gauge not your finger in the hole. By the way daren1s advice was right on the mark . I would not fire it up again until exhausting  all possible diagnostic things . Fact : It can be repaired now ,with catastrophic engine failure not so much . Costs become huge at that point .Stay in touch and Ill be glad to help . Bill 

It doesn't sound good - I have one of those bikes - the lights should not come on for the exhaust - only if the engine stops or if you have low oil pressure. First of all look at the plugs - are they white? are they wet with oil? are they covered in black soot? When you drain the oil out feel (carefully) for sharp pieces of metal. You should join the VROC (google it) it is the riders club and has a forum on it where the owners of that type of bike will help you out with all problems - good luck.