Since the noise stops when you pull the clutch in its not a motor problem, its got to be something in the clutch or trans. Was the bike shifting good and staying in gear the last time out?
Its kinda unusual to have a trans failure in a busa unless something brought it on; mega power, or many,many 1/4 mile passes, or continually missing shifts, and usually that will show as popping out of gear and not a noise. What year is the bike?
Double check the fit of the clutch plates in the basket and on the hub, they should have almost rotational movement on the splines.