Is the grinding noise just at moment you relax the throttle, or does it continue until you slow down some ? Also, are you closing the throttle completely, or just dialing it back to stay at a particular cruise speed ?
Can you better pinpoint where the sound is coming from, transmission area, final drive, right side, left side etc. Did the noise just start ? Had anything recently been done to the bike ? Tire changes, recently ran over by a dump truck ? Any additional info you can provide will help us figure it out.