The MoCo went to a very poorly built imported tappet during the 11 model year. The previous tappets were prone to roller/hardening failures at mileages in the 25K range. The 11 on tappets can and do fail much sooner. They have the same roller hardening issues as well as some problems with the internals. MoCo policy is that it must have a loud noticeable tap sitting on the stand and observed from the general vicinity of the right side. Scooter with intermittent tapping or that only tap out on the road are not in need of repair.
To be fair, lots of scooters with fairings and lowers will amplify the sounds of the valve train, and the Twincam has a noticeable noise from the valves snapping shut. But it seems to me that they have become far too uncaring about running down intermittent issues with the tappets. It's as if they know that the majority of them won't completely fail before the repair becomes a non warranty issue.
On my 103 the tap had become an almost every ride occurrence, so I went after it myself @6000 miles. I was able to localize the noise to the front tappets, but not as to intake or exhaust.
At first glance, the front tappets showed some accelerated roller wear. The rear tappet rollers were bright and had a shiny surface. Both of the front tappets showed some deterioration of the surface hardening, and one had lost it's shine, looking rather grey and dull.

The internal plungers also were not what I would have expected. One was of a rather poor machining quality, while the other was very polished up from contact with the bottom of the pushrod socket. The polished plunger was almost .010 shorter than the other.

I went back together using S&S parts, and no longer have the loud tapping noises.