From the old Rattlebars faq:
IT GOES CLUNK WHEN I STOP! It sure does! The Valkyrie is equipped with "floating" calipers. The calipers are attached to the caliper brackets (these, not the calipers, are bolted to the forks) by a set of rubber booted pins set in holes. The holes are larger than the pins so there is some free play there. When you back your bike up to turn it around and apply the brake in reverse, the calipers will move to the rearmost position. When you apply the brake at the next forward stop the calipers move to the forward most position and the pins strike the other sides of the holes.. CLUNK! You can see the calipers move if you apply the brake and rock the bike forward and back. When you stop at a red light, the calipers will move to the forward most position then when the bike "rocks back" after being stopped... CLUNK!
I'm glad mine clunk

...
-Mike