Thanks for all your responses. I've been letting it run a little longer and the noise is starting to get louder and more frequent, BUT ONLY happens when coming out of first gear, but not every time.
To answer some of your questions:
It seems it only happens after the engine is warm. I've checked all the fluids, readjusted my clutch lever setting, check the bolts (especially around the sprocket), cleaned and lubed the chain. (My chain was a little tight, according to the Suzuki service guys and they loosened it a bit. It is difficult to tell exactly where the sound's coming from while riding, but it does sound like it's underneath and to the left of me. The bike has less than 3,000 miles on it and for whatever reason, a noise this loud shouldn't happen (I can hear it with my helmet on and earplugs in) and naturally it's out of warranty.
Could this have anything to do with the chain tension? Because it seems to only happen when the engine is first engaged -or- could it sound more like a clutch issue?
Thanks for all the suggestions.