Well, this went well, huh?
Trying to think seriously, my only concern would be the health of the u-joint at the front of the drive shaft. That's right there by the shift lever.
But as the first respondant says, there is a lot of lash in the drive line, and you may just be hearing it bounce back and forth on the gear faces. With it unloaded, idling in first, the engine speed is not steady, and when it drops, the rear wheel will actually overtake the gearbox speed, like the wheel driving the gearbox, then the engine comes back up and the wheel goes back to being driven.
If you don't think there's that much slop, just get on the bike, not running, in first gear, and roll it back and forth. The amount of motion is the amount of drive line slop.