Probably nothing. Is your speedo cable loose at all, does your speedo operate correctly? Could be a speedo gear noise. I know on the Saginaws, the reverse idler gear just flops around on the shaft, and they click now and again, can't remember if the Muncies are the same.
Worst case scenario is a chipped gear, but I don't think I'd worry about it... And I know it's driving you nuts!
Worst case scenario is a chipped gear, but I don't think I'd worry about it... And I know it's driving you nuts!