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Search for the tick.
You're going to get many responses as this topic has been beaten around here for ever. Some possibilities...
Cylinder Sleeves (read about "pinning" them for more info why they tick)
Oil Pump (read about the "VIN Range" and failing oil pumps)
Stuck Lifters
to name only a few.

I had the same tick, on and off, for thousands of miles. It came and went, sometimes gone for months only to return. One time it came back and didn't go away - until I changed to Rotella 15 40 (from Rotella Synthetic).
I also dumped a bottle of ZMax in there for good luck. My tick has been gone since, knock on wood.

Edit: More importantly, I forgot to mention I also changed my thermostat to the 180º LR Genuine and my temps are down 10-20 degrees. Prolly was a liner and cooler temps prevail! If it was my lifters, then the thicker might have helped.

 

i will guess a slipped liner, as the engine speed increases so does the piston speed which is going so fast that the liner does not have time to hit the end of the bore. but that's a guess

 

The engine tick can be a hard thing to track down. From the video it sounds like you either have a slipped sleeve, cracked oil pump, or stuck lifter. It could be another option but these 3 are the most common.

You can do a oil pressure test to try and rule out a cracked oil pump. If the pressure is really low then you have a problem.

A stuck lifter and or slipped sleeve will require taking the top end apart to investigate further.

You can take a long screwdriver and while the engine is running put the screw driver to your ear and the other end touch to the engine somewhere. You should be able to hear the tick through the screwdriver and as you move it to different spots the tick should get louder or softer. This will help you narrow down where it might be coming from. Check the oil pump, front cover, valve covers, transmission, bell housing, etc.... and try and narrow down the location.

 

Like they say above I would guess slipped sleeve or cracked oil pump.

Is the audio from stone cold, just started in the morning, or from after running for awhile and up to operating temps?

Usually a slipped sleeve only ticks after the engine is warmed up. Most people associate a slipped sleeve with a cracked block and overheating, misfires, and water in the cylinder but you can have a slipped sleeve with none of the above. It just bounces up and down and hammers on the head and gasket which will eventually cause head gaskets to fail and more problems.

A cracked oil pump, will cause low oil pressure which will eventually ruin your engine and if left unchecked can also completely explode the front timing/oil pump cover so, if you find that you have low oil pressure I would take care of that right away.

So like jared said I would do an oil pressure test asap.

And for a slipped sleeve aside form sourcing a new block or engine or pinning the sleeves, you could try a gray genuine 180 thermostat which will make the engine run cooler and possibly stop the sleeve from moving.

I had a tick starting at around 100K and continued on and off for 30K miles, I put in a 180 thermostat and ticking stopped and it's been over 15K miles since and still no ticking...knock on wood. Usually I would hear it after engine was at operating temps and at a drive-thru or something.

I don't like spending other peoples money so, the 180 thermostat swap is just one of the things I would try, if it were me, that may quieten it down if it's a slipped sleeve but, you could have lifter tap or bearings going out or other problems.

If you do go for the 180 get the genuine gray one, the motorad brand thermostats have a history of sticking and from what I have read just don't work as well as the genuine. The genuine is twice as much $ as the motorad but is money well spent even if it doesn't cure your ticking problem. It will keep your engine cooler and may prevent a blown head gasket later.

THERMOSTAT ASSY DII & FREELANDER 180 DEGREES FAHRENHEIT, PEL500110, RNQ028 - Rovers North - Classic Land Rover Parts

I would also, like jared and schwaggy mentioned, change to thicker oil like 15W40 or 20W50 which is a better choice for these engines as they get some miles on them. If you live in an area where you get long term freezing temps in winter you may have to adjust your oil back to something a little less thick for the winter months.

JMO,
good luck!

 

Probably a sleeve then but, I would check the oil pressure also to see where you're at with that.

You can give the 180 thermostat a try. It will cool your engine down some and may just stop the ticking. Worth a try for sure. If it doesn't you would still be doing your engine a big favor.

Do you have an ultragauge? That's another good investment.

 

I dealt with this with my 03 shortly after I had purchased it. I tried changing the oil to a heavier oil with no results. Had the oil pressure checked and it was reading right where it should be. My tick would come and go like many others.

What I did find was that it seamed to be tied to my fuel quality. I had been using BP gas in my cars for probably the last five years, but on a trip to Mississippi we couldn't find any BP's, I guess they are still mad about the spill. Anyways we got Shell gas while we were down there and driving the car home after 2000 miles of Shell gas I noticed my car was getting better mileage and pulled harder. So I started running only Shell fuel in my Disco a year ago and within 3 tanks the tick was completely gone and has not come back. I also went from average mpg at 13 to now getting 16 on average.

 

I don't know if this is the OP's problem or not but I will add to the list of owners who've had better luck using top tier detergent added premium gas.

About 4 years ago my mechanic told me I was using crappy gas. I was having some dirty fuel injector issues, loud running engine that sort of sounded like a diesel at start up, and low performance on hills.

At the time I was using Arco/BP premium 92 octane. Mechanic accused me of using grocery story regular grade! I made the switch to Chevron Supreme 92 octane and within three or four tanks and adding seafoam/techron to the tank right before each oil change... The truck has never run stronger or quieter.

Now I can tell instantly when I get bad gas by the low performance and extra noise. I actually do get inferior gas at about 1/3 of the Chevron stations I've tried, I have found two stations that consistently have the best quality and I go there almost all the time.

I don't know why some Chevron stations have worse gas than others...

Maybe this is not the OP's issue but I notice that many poopoo the importance of using a quality fuel in a premium vehicle.

Edit add: There is some debate but those of you with 4.0 engines may or may not notice the difference.

 

i am pretty sure this noise is not cause by cheap gas.

Land Rover Discovery II Engine Pinging - YouTube

 

X2.....doesn't sound like a cheap or low octane gas ping.