This sounds pretty stupid but......I have a '90 CR500 with an aftermarket pipe. The CR500 pipe is so huge and has so many twists and turns that it very easily can vibrate against stuff. For the longest time I thought that I had some kind of an engine noise, but if I put my foot on the top of the pipe the noise it quits! The pipe looks like it has plenty of clearance, but there is so much pressure coming out of the cylinder it dances all around. Another stupid thing to check is your pipe springs, it they're on wrong or not tight, they make weird noises. Here's something to concider, if you leave a piston in one of these things too long, they tend to crack the piston skirt. You don't want to own one when the piston skirt breaks off!!! It's a scary thing buying a bike from a stranger, you don't know what that motor has been through. If in doubt, at least take the top end down.
'90 CR500....point, twist, hang on!