Check the allen screws that hold the modules on the cams. This is a pretty common type of noise from a bow with modules.

Remove the bolts (they are not under tension when the bow is not drawn) then apply some string wax to the threads. Screw them back in and snug them up. That should prevent any module related issues. Don't over do it! The cam is aluminum WITHOUT a helicoil. If you gorilla fist the bolts in you will strip out the screws

Also do as SC says and give the string a little pluck. You should be able to narrow down where the noise comes from.

The 04 and 05 UltraTec bows were never noisy bows. Certainly not as quiet as today's parallel limb bows, but not loud either.
There is something loose somewhere.