Valve train noise is common. So are valve train failures. Many folks will recommend change out the lifter soon, especially since your friends bike is out of warranty (presumably).
Sometimes changing the oil to a good grade of dino 20w50 works to quiet the motor for a couple of thousand miles, then change it again.
Sometimes the pushrod will tap against the pushrod tube because the rocker arm isn't set for optimum clearance. Here is a quote from the install instructions for the tapered adjustable SE pushrods:
NOTE
Due to the large number of heads and cams available for Twin
Cam engines, check for contact between the pushrods and
upper pushrod covers. Check by rotating engine slowly until
both valves are in closed position on the cylinder you are
checking. If contact occurs, the rocker arm supports should be
shifted toward the engine's cam side.
Lifters will start ticking, especially at startup but soon pump up and quiet down. Once the bike is fully heat soaked, there may be quite a bit of valve train noise that is just normal and harmless.
Lifter rollers may fail and result in a screeching sound of metal on metal. At this pint the roller is galling the cams and metal is being released into the motor, shut it down immediately down and call a tow. Major repairs necessary.
Some folks have chased the ticking and tapping down rabbit holes and never fixed it and have many thousands of miles on their bikes.
I'm no expert. But I recommend changing the lifters soon and ride it like you stole it.