T'was a long day in the garage yesterday....
Thanks to all who replied - gave me some useful ideas.
Bike has 8000 miles on it, dog bone was done around 4000.
At first, it sounded like the noise was coming from the swingarm bearings, so I pulled the pins out and tried them - all smooth, no problems.
Eventually, after pulling most all of the back end apart, I took the bevel box off and found the problem - I was missing a spacer between the swingarm and bevel box bearings (essentially clamping the bevel box to the swingarm). The noise was the metal grinding on metal at this joint. I haven't had this off before, so I dunno where the **** it's gone, but it's shown in RepROM. Simple cure anyway - made up a new spacer on the lathe. Put it all back together, and it works fine, no creaking!!!
Of course, I discovered the rear brake pads are gone (after 8000 miles!!!!! WTF?!), I need more optimoly to grease the splines, and of course my brake disc flange has cracks in it round 2 of the bolt holes. Given that BMW claim this only happens on bikes that have brake disc bolts overtightened... (they've not been off....ever).
Let's hope that recall reaches the UK soon!
Anyway, thanks everyone. With luck, I'll be on the road in time for summer!
Steve