Hi Im new here my name is Jon.I recently purchased a 1979 Sportser.It had a few minor issues I streightend them out and got it running.It has sata while inside has 13,000 miles.It was last rode 7 months or so ago.It started right up ran great but it had wireing issues with the starter relay.Anyway I got it worked out and started it again today and noticed the oil light on and the lifters ticking.I shut it off imediatly pulled the oil filter and there is metal in the filter.Is there a common problem with oil pumps on these 1000cc engines? I posted this in the sportster section also.
Did you check your oil level? Light flickering & valves ticking means low oil pressure. In any event, I would change the oil & filter. If it still does it you may have a bad pump or a plugged oil line. Also, may want to invest in an oil pressure unit.