Aren' t you guys missing the obvious here? New to riding and pinned in 5th for 5min. Thats haulin'. Welcome to the site. I've been ridin' a while now and am sure 5th is like new. Don't get there much. I will hold the gas on pinned in second alot though. Cherry red silincers are not unusual. Smoking for 5 minutes after parked is knowing you're riding the thing right.
Back to the issue, Alot of things can knock. You think its every time the crank turns? Clutch being engaged has no affect? Load on motor have affect? You get the idea. Eliminate what you can. Its not like a rod knocking on a car. Fouling plugs could also be a number of things.
I could ask more and you could add more. You'll put it together sooner or later. Jetted right? floats set? time on the motor since rebuilt? Where did you ride pinned in 5th the highway? You can loosen carbon, no tellin', but don't think your bike can't run pinned. More info for me and the other guys will get better responses from better mechanics too.