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If that noise you hear is more of a clack-clack than a tick-tick, you could possibly have a spun bearing.

Spun bearings are when the rod or main bearing spin with the rod cap/crank journal. the bearings are crescent shaped pieces of metal. (Bearing Image ) when there isn't enough oil to supply the space between the crank journal and the rod bearing/main bearing or the crank journal and the main cap the bearing will seize on the crank and follow it's rotation. This is bad for multiple reasons. the most obvious of which would be the metal shavings from the bearings as they spin in the rod cap without oil or the main cap without oil.