Usually, when people talk about VRM circuitry noises, it's buzzing or whine, not clicking...where the whine is a capacitor or inductor at a resonant frequency. The whine will alter by load. Sometimes, you can get it to go away by going into BIOS and disabling some of the idle/sleep states. Sometimes, you can get it to go away by using a different PSU. Sometimes, you can get it to go away by recycling the motherboard.
Also, if you have an empty paper tube or a small section of hose (water, automotive vacuum, etc), you can use it like a stethoscope to narrow down WHERE on the mobo the clicking noise is.