My XK has had the tick for about two years now. It only does it when I first start it up in the morning after sitting all night and you can hear it coming from under the passenger side valve cover. Once the engine is warm it goes away. Its non exhistant in the summer too. Who knows going to drive it till it blows. Have used mobil 1 synthetic since the very first oil change and now have 102,000 miles and change the oil every 3,000.
Let me guess, you have a 4.7 liter?