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I had that problem with my ultra. check to make sure the slip=on is on all the way. I slapped mine in a 1/4"and my noise went away
Make sure though that the slip on does not hit the chrome pipe cover, or it will wear a big piece of the chrome on the slip on's off. This happened on my V&H's when I had a tire replaced in St. Paul, and I never noticed it till too late.[:@]