Join Date: Jun 2004
Location: Orange, California, USA
I had this on my '05 LT and it turned out to be the rear disc rotor. It is a floating type and it supposed to move slightly left to right. The problem is that after a while the rivets holding rotor get more slack and the rotor also starts moving up/down direction - that's what makes this clanking noise. You can easily check that - try to move the rotor (don't touch it right after ride, it may get very hot) by hand and see if it moves up/down. If it does, that's what is making the clanking noise.
It doesn't seem to affect the braking power, but it gets embarrassing when people look around like if your bike is falling apart.
I'm not sure if there is a quick fix for that, short of replacing the rear rotor.
I traded in my 05 for a brand new 07 and so far it's quiet after a 6k miles.
2015 R Nine T
2007 LT Storm Grey
2005 LT Gold (traded in for '07)
2007 G 650 Xchallenge